HomeCoinsBitcoin (BTC)Cryptocurrency Related Scams Flood Tribunals in Spain – Bitcoin News

Cryptocurrency Related Scams Flood Tribunals in Spain – Bitcoin News

- Advertisement -


Spain has not been a stranger to the popularity of cryptocurrencies, and with this popularity, also comes the attention of people and organizations wanting to capitalize on the subject. Spanish tribunals have been flooded lately with lawsuits involving cryptocurrency scams related to bitcoin and ethereum based platforms, and the people using these to scam other users for millions of euros.

Cryptocurrency-Related Scams Flood Tribunals in Spain

Tribunals from Spain are now being flooded with cryptocurrency scam-related cases, that are affecting thousands of citizens, according to local reports. With the recent price increase of cryptocurrencies, scammers are always looking to do a quick buck, and they have been successful in Spain. One of the biggest scams reported is the one associated with a company named Algorithms Group, which scammed more than 280 million euros from 300+ investors.

The brain behind this scam is a man called Javier Biosca, who acted as a broker buying and selling cryptocurrencies and offering weekly interests of 25% per investment. However, the business went sour quickly and Biosca disappeared with the money of investors. Emilia Zaballos, the lawyer that is representing private investors, states the scam could have affected 4,000 people. She stressed:

Among those affected are people of all kinds. From notaries, lawyers, national police, businessmen, to tax inspectors and even judges. But also domestic workers, retirees, and the unemployed. And great fortunes.

Nimbus, another investment-based Ponzi scheme, is estimated to have defrauded 136 million euros from more than 4,000 investors in the country. The company, which also operated internationally, offered returns to investors for their deposits in cryptocurrencies. Other important companies that are facing similar trials are Kuailian and Arbistar 2.0, Ponzi schemes that also face money laundering charges.


More Organization Is Needed

Emilia Zaballos, the lawyer that is in the Algorithms Group case, states that more organization is needed for facing this kind of scam schemes affecting more citizens each day. She is now pushing for the establishment of new courts just for attending this kind of crypto-related crimes, and for more guidance from the established institutions when dealing with these structures. Till now, national regulators limit their actions to alert investors about the possible dangers of using these investment tools, but they haven’t exerted any direct actions against them.

But she is not just waiting for action. Zaballos is the president of an organization called “Asociación de Afectados por Inversiones por Criptomonedas,” that groups the users affected by these organizations and helps them execute legal actions against them.

What do you think about the rise of cryptocurrency scams in Spain? Let us know in the comments section below.

Tags in this story
Arbistar, Bitcoin, Cryptocurrency, emilia zaballos, Ethereum, kuailian, Ponzi, Scams, Spain, Spain Crypto Scams, Spanish Crypto, tribunals

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,496FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 41,840.00
ethereum
Ethereum (ETH) $ 2,907.55
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 488.33
litecoin
Litecoin (LTC) $ 145.46
eos
EOS (EOS) $ 3.81
okb
OKB (OKB) $ 14.36
tezos
Tezos (XTZ) $ 6.02
leo-token
LEO Token (LEO) $ 2.71
cardano
Cardano (ADA) $ 2.12
monero
Monero (XMR) $ 234.47
stellar
Stellar (XLM) $ 0.2627
chainlink
Chainlink (LINK) $ 23.24
huobi-token
Huobi Token (HT) $ 7.75
tron
TRON (TRX) $ 0.085239
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 154.10
neo
NEO (NEO) $ 37.31
iota
IOTA (MIOTA) $ 1.12
nem
NEM (XEM) $ 0.140423
zcash
Zcash (ZEC) $ 106.09
maker
Maker (MKR) $ 2,322.37
paxos-standard
Pax Dollar (USDP) $ 0.993824
ethereum-classic
Ethereum Classic (ETC) $ 45.43
vechain
VeChain (VET) $ 0.08667
true-usd
TrueUSD (TUSD) $ 0.999987
ftx-token
FTX Token (FTT) $ 51.52
kucoin-shares
KuCoin Token (KCS) $ 10.36
waves
Waves (WAVES) $ 24.20