According to Cryptonews, Spanish police have announced that they have successfully dismantled a Bitcoin themed crypto pyramid scheme that resulted in victims losing approximately $32.6 million. The police have arrested 8 suspects, but it is estimated that "over 3600 people" have suffered losses in this scam. The economic and financial crime department of the National Police Force (CNP) revealed that the mastermind of the criminal network is a "computer programmer" who has been arrested in Malaga. In addition, the police have launched operations in Murcia and Madrid, arresting suspects from "different nationalities and backgrounds", including "marketing and web design experts". The gang has built a "seemingly legitimate platform" to provide customers with Bitcoin investment plans. Subsequently, they vigorously promoted these products on various websites and social media. Fraudsters also lure some 'victims' to surrender control of their electronic devices in order to' conduct cryptocurrency transfers on their own and steal their personal and bank information '. During the investigation, the police uncovered a complex investment network that utilizes funds from new investors to pay returns to old investors. Some 'victims' have signed' contracts' with operators, who promise to pay '40% dividends after one month and up to 300% after one year'. In the end, the police traced a "fraud chain" and found "thousands of victims involved in up to 36 countries".
