Spanish Police Bust $32.6M Fake Crypto Investment Scam

In Brief:

Spanish authorities dismantled a $32.6M crypto pyramid scheme, targeting victims with fake Bitcoin investments.

Eight suspects were arrested, with over 3,600 victims affected across the country.

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Spanish National Police (CNP) have successfully taken down a major crypto scam, where fraudsters promoted fake Bitcoin investments, luring victims into a pyramid scheme. The scheme defrauded investors of approximately $32.6 million before authorities intervened.

The Economic and Financial Crime Unit confirmed that the ring leader, a computer programmer, was arrested in Malaga. Investigators continue to trace stolen funds and identify more victims, as crypto-related fraud remains a growing concern in Europe.

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