By Laura Kemp •
Published: 01 Jun 2021 • 14:29
Cryptocurrency-Related Scams Flood Tribunals In Spain.
CRYPTOCURRENCY related scam cases are flooding tribunals in Spain from thousands of people, according to local reports.
CRYPTOCURRENCY related scam cases are flooding tribunals in Spain from thousands of people, according to local reports. Following the recent price increase of cryptocurrencies, scammers have been taking advantage. One of the biggest reported scams is associated with a company called Algorithms Group, which have scammed over 280 million euros from more than300 investors, Bitcoin.com reports.
The man behind the scam is Javier Biosca, who has been acting as a broker buying and selling cryptocurrencies and offering weekly interests of 25 per cent investment. However, Biosca quickly disappeared, taking investors money with him. The lawyer representing private investors, Emilia Zaballos, has claimed the scam could have affected 4,000 people.
Zaballos said “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.”
Another investment-based Ponzi scheme called Nimbus is estimated to have defrauded 136 million euros from over 4,000 investors in Spain. Other companies that are facing similar trials are Kuailian and Arbistar 2.0, Ponzi schemes that also face charges for money laundering.
Zaballos is now urging for the establishment of new courts for cryptocurrency crimes and an increase in guidance from established institutes on the matter.
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Originally from UK, Laura is based in Axarquia and is a writer for the Euro Weekly News covering news and features.
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