Spanish police have managed to dismantle a huge cryptocurrency pyramid program on the Bitcoin theme which has frauded more than 3,600 victims out of approximately $ 32.6 million. The operation, led by the National Corps of the Spanish Police (CNP)led to the arrest of eight people in several cities, including Malaga, Madrid and Meria.
The group, made up of various professionals such as marketing experts and websites, organized a complex operation which favored false Bitcoin investment plans for people without distrust, many of whom had no prior knowledge of cryptocurrencies.
The scam operators have simplified the victims to convert large sums of money, often hundreds or thousands of euros, in Bitcoin. Some victims have even been manipulated in the control of their electronic device, allowing crooks to make crypto transfers and steal personal and banking information.
Increasing threat of scam arches
The police learned the program for the first time in 2022 when a victim filed a complaint in Murcia, and the survey revealed a fraudulent network in which the funds of new investors were used to pay older investors, a typical characteristic of a pyramidal regime.
The CNP noted that the crooks had promised unrealistic yields of 40% after a month and up to 300% after a year. Investigators discovered substantial Bitcoin Holdings in criminals portfolios, as well as a worthless token that they issued investors.
The scam assigned the victims in 36 countries, the majority of victims residing in Spain. In response, the authorities frozen 73 bank accounts, seized vehicles and by putting money and computer equipment. The operation recalls the risks of non -regulated cryptographic investment and the growing threat of industry scams.