Authorities in Spain have arrested six individuals aged between thirty-four and fifty-seven as part of a crackdown on a criminal organization involved in a cryptocurrency scam worth over nineteen million euros. This operation, termed COINBLACK – WENDIMINE, was conducted by the National Police and Civil Guard in the provinces of Alicante and Granada, uncovering two hundred and eight distinct cases of fraud.

The investigation began over two years ago after a report was filed by a victim who lost six hundred and twenty-four thousand euros. During the inquiry, investigators identified an international criminal network with sophisticated financial, technological, and marketing strategies. Victims were targeted through online ads, manipulated via artificial intelligence to create false endorsements from celebrities promoting fraudulent investment opportunities.

Once victims made initial small investments, they received fake profits, encouraging them to invest larger sums. Perpetrators, posing as financial advisors and creating false emotional ties, prompted victims to transfer large amounts to fake platforms. When victims sought to recover their funds, they were met with obstacles and further contacted by frauds claiming to be representatives offering to release their money for additional payments.

The arrests occurred in various towns including Alicante, Torrevieja, Santa Pola, and Villajoyosa. Among those detained was the main leader of the scam, who was reportedly planning to flee to Dubai. Authorities have confiscated mobile phones, computers, and documentation, blocking over one hundred thousand euros of the fraudulent funds. The investigation remains ongoing as other associates connected to the scheme are being identified across multiple countries.