David Merino, a Spanish citizen, has been arrested in Dubai for allegedly leading the FX Winning crypto Ponzi scheme, according to ChainCatcher. This scheme is considered the largest crypto-related Ponzi scheme in Spain's investigative history, involving over €460 million and affecting approximately 15,000 investors. Merino reportedly operated the scheme from behind the scenes after officially leaving the company in 2021, attracting funds by promising high returns on forex and cryptocurrency investments. The scheme operated in about 30 countries, using new investors' funds to pay earlier investors.
Spain typically has 15 to 40 days to submit extradition documents to the UAE. Additionally, FX Winning is under investigation in the United States and Mexico, with the U.S. Drug Enforcement Administration estimating the scheme's involvement at $100 billion. In March 2026, Merino released a video denying the retention of others' funds and shifting blame to other team members. Since 2021, the Spanish National Securities Market Commission has warned that FX Winning is not authorized to provide investment services.
Spanish Citizen Arrested in Dubai for Alleged Crypto Ponzi Scheme
2026-06-04 01:33:55
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