Spain is no stranger to financial issues and legal troubles. However, a new epidemic of crypto-related scams has started to pile up in the courtrooms of Spain. The local newspapers of Spain claim that the regional tribunals are faced with settling and trying cryptocurrency scams consisting of Bitcoin and Ethereum. The reports claim that these new cases are piling up faster than the courts can solve the already existing cases.
Algorithm Group conducts the biggest scam report. This is a crypto enterprise that offered its investors a 25% return on their investments every week. Expectantly when the organization failed, the founder of the scam enterprise, Javier Biosca, ran out of the country, taking the money of more than 300 investors with him. As per estimations, the group has stolen about 280 million euros from unsuspecting victims.
Spain Rising to Defend itself from the Increasing Cryptocurrency Frauds
Emilia Zaballos is representing the victims of the Algorithm Group scam in court. She claims that it is possible that the number of victims could have risen to 4000 investors. She told the media that the unfortunate victims of the crime are consistent with Spain’s upper class, like lawyers, judges, business persons, police workers, notaries, and even tax inspectors. A considerable amount of unemployed and retired people also lost their savings to the scam.
Zaballos is also the president of an anti-crypto crimes organization. Thus far, the federal authorities have refrained from taking any direct action on the matter of crypto regulations. However, Zaballos is trying to turn the tides of justice in favour of the crypto victims once again by giving them a chance to file lawsuits against the bad actors.
More Crypto-related Crimes are on the Rise on the Spanish Soil
Other than Algorithm Group, another huge crypto scammer is Nimbus being tried in court to put together a crypto investment pronged Ponzi scheme. Nimbus has managed to dupe about 4000 investors and rake in 136 million euros. The scam organization offered to convert the fiat deposits of their investors into cryptocurrencies.
The list of Spain-based crypto criminals does not end here. Other cybercrime organizations like Kuailian and Arbistar 2.0 are other forms of Ponzi schemes that have robbed a significant amount of victims. With the help of organizations headed by Zaballos, it has become possible for the victims to retaliate and file lawsuits to get back their stolen funds.