Spain Arrests Ringleader of €260 Million Cryptocurrency Ponzi Scheme
ChainCatcher News, the Spanish National Guard has arrested a suspect accused of leading a 260 million euro cryptocurrency-related Ponzi scheme. The individual is alleged to have operated an international investment scam called the "Madeira Invest Club."
This Ponzi scheme attracted over 3,000 victims by offering contracts guaranteeing returns linked to digital art, luxury vehicles, whisky, real estate, and cryptocurrencies. Authorities confirmed that no real economic activity took place. The investigation, which involved Europol and international law enforcement agencies, uncovered a complex network of shell companies and bank accounts spanning at least 10 countries.
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