Spain arrests leader of €260 million cryptocurrency Ponzi scheme

The Spanish Civil Guard has arrested a suspect believed to be the leader of a €260 million cryptocurrency-related Ponzi scheme, accused of operating an international investment scam known as the "Madeira Invest Club."

This Ponzi scheme attracted over 3,000 victims by offering guaranteed returns through contracts linked to digital art, luxury vehicles, whiskey, real estate, and cryptocurrency. Authorities have confirmed that no real economic activity took place, and the investigation involves the European Union Agency for Law Enforcement Cooperation (Europol) and international law enforcement agencies, uncovering a complex network of shell companies and bank accounts spanning at least 10 countries.