The National Police have dismantled a large scale pyramid scheme involving cryptocurrencies, arresting eight individuals believed to be part of a criminal network that operated in Malaga, Madrid, and Murcia. Investigators estimate that the organisation has defrauded victims of over thirty million euros, with more than three thousand six hundred victims identified across thirty-six countries. A significant proportion of these victims reside within Spain.

The investigation, which lasted nearly three years, was initiated following a complaint from an investor in Murcia in two thousand twenty-two. It revealed that the criminal group promised unrealistic returns on investments in Bitcoin, claiming profits of up to forty percent in a month and three hundred percent in a year. As the scheme progressed, victims were pressured to pay fees to recover their investments, which in fact had already been misappropriated by the fraudsters.

The police intervention has resulted in the seizure of numerous assets, including seventy-three bank accounts, twelve vehicles, and five motorcycles. The group even created a worthless virtual currency to further deceive their investors. Many victims reported no prior experience in cryptocurrency investments, highlighting the need for caution in financial dealings.

Authorities encourage individuals to invest wisely, advising them to verify if investment entities are authorised by the Comisión Nacional del Mercado de Valores. They also caution against the banking schemes promising high returns and urge victims not to engage further if they experience difficulties in recovering their investments.