Spain arrests leader of €260 million cryptocurrency Ponzi scheme

According to CoinDesk, the Spanish National Police have arrested a suspect alleged to be the leader of a €260 million cryptocurrency-related Ponzi scheme, accused of operating an international investment scam known as the "Madeira Invest Club."

This Ponzi scheme attracted over 3,000 victims by offering contracts linked to digital art, luxury vehicles, whiskey, real estate, and cryptocurrency with guaranteed returns. Authorities have verified that no real economic activity took place, and the investigation involves parties including Europol and international law enforcement agencies, uncovering a complex network of shell companies and bank accounts spanning at least 10 countries.