Spain Arrests Leader of 260 million Euro Cryptocurrency Ponzi Scheme
2025-11-09 13:31:59
On November 9, the Spanish National Guard arrested a suspected leader of a Ponzi scheme linked to the 260 million euro cryptocurrency, accused of running an international investment scheme called the Madeira Invest Club. The Ponzi scheme attracted more than 3,000 victims by offering guaranteed returns on contracts linked to digital art, luxury vehicles, whiskey, real estate, and cryptocurrencies. After verification, the authorities said that no real economic activity took place. Investigations involving the European Union Agency for Law Enforcement Cooperation (Europol) and international law enforcement agencies revealed a complex network of shelf companies and bank accounts across at least 10 countries.
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