Spanish police bust a bitcoin pyramid scheme, arresting 8 and defrauding 3,600 people of $32.6M.

Crypto News: Spanish authorities dismantled a $32.6 million bitcoin pyramid scheme

police first came on the trail of the scheme in 2022 after a complaint from a victim in Murcia. The investigation revealed that the funds of new depositors were used to pay off old depositors, which is a characteristic feature of a pyramid scheme. The National Police found that the fraudsters promised fabulous returns of up to 40% per month and 300% per year. Investigators found significant amounts of bitcoins in their wallets, as well as a worthless #token they issued to investors. The victims of the fraud were residents of 36 countries, most of them living in Spain. As a result of the operation, authorities froze 73 bank accounts, seized cars, confiscated cash and computer equipment. This case is a reminder of the risks of unregulated crypto-investments and the growing threat of fraud in this area. Read us at: Compass Investments #Crypto2024 #DigitalCurrency #MarketInsights #TokenEconomy