Saturday, January 28

One of the biggest European cryptocurrency scammers arrested in Valencia

The Civil Guard has arrested in Valencia one of the biggest scammers with false investments in cryptocurrencies in Europe, a 45-year-old man of Portuguese nationality, who has blocked assets of more than 2.5 million euros.

The detainee is charged with seven crimes of fraud and money laundering, for creating an alleged investment platform in cryptocurrencies on a website, which he made known through various forums, radio programs, sporting events and even charitable movements, to thus managing to capture the attention and investment of numerous people in Spain and Portugal.

The operation began last August, after the agents became aware of the events through collaboration with private security, the Civil Guard has reported. The platform offered a minimum return of 2.5% weekly to investors based on the amount they contributed, even acquiring roles and thus being able to attract other investors.

This method is known as “ponzi scheme”, a type of scam that tries to mislead the injured, who believe that the profits obtained come from a legal activity, although the funds originate from other deceived investors. In this way, the investment in cryptocurrencies was a success, so the victims invested larger amounts of money and attracted more investors.

As a result of the investigations, it was possible to identify several injured parties in Spain and it was discovered that the detainee, who had a somewhat high standard of living, had managed to commit crimes in Luxembourg, Switzerland and Portugal.

On December 2, searches were carried out at the man’s home, at the company’s headquarters and in a workshop where he hid part of the assets. In addition, several bank accounts and web pages to access the platform have been blocked, in addition to the confiscation of twenty high-end vehicles, with a total blocked assets of more than two and a half million euros.