Spanish authorities bust criminal gang in $110 million cryptocurrency scam – Cryptopolitan

The sun-drenched paradise of Mallorca was not immune to the dark schemes of a criminal organization recently busted by Spanish authorities. This group of wrongdoers, who operated a massive cryptocurrency scam, swindled over €100 million ($110 million) from unsuspecting victims scattered across the globe.

As per recent reports, one of the gang members of the gang group is said to have been arrested.

According to reports from local media outlets in Spain, the Guardia Civil, one of the state’s oldest investigative agencies, has been actively investigating a crime syndicate that allegedly duped thousands of individuals by promising investments in non-existent cryptocurrencies, resulting in a whopping $110 million scam.

The scam artists’ cunning plan lured unsuspecting victims with the promise of lucrative investments in the booming cryptocurrency market. However, instead of delivering on their promises, the fraudsters pocketed the investors’ hard-earned money, leaving them with shattered dreams and empty wallets.

Upon receiving a report from one of the victims who claimed to have been scammed off their assets, the Spanish police immediately investigated the criminal act.

Upon investigating the reported criminal activity in the Basque Country and the Balearic Islands, authorities unearthed a startling discovery. They uncovered that a company in Palma de Mallorca was the recipient of the stolen assets. Even more surprising, it was revealed that the firm had transferred portions of the stolen assets to countries outside the European Union.

The Guardia Civil has shed light on the sneaky tactics employed by the scammers to siphon off cryptocurrency from unsuspecting customers. Their investigation revealed that the fraudsters resorted to various ploys, including making enticing phone calls, placing alluring ads in newspapers, and sending SMSes that promised lucrative returns on investments without any risks.

After the cybercriminals had finished finalizing the deal with the innocent customers, they could then allow the customers to access the website where the customers were allowed to see the profits of their investments on graphs. The customers needed to learn that the graphs presented on the website were all fake. 

Scammers crafted elaborate tales, such as fabricated tax obligations or the need to balance annual accounts, which lured unsuspecting investors. These fraudsters then demanded additional funds before releasing any promised profits, leading many victims to repeatedly fall prey to the scam.

The scheme was executed with such precision and cunning that some individuals were unaware they had been tricked. The scam was so masterfully orchestrated that it left some targets scratching their heads, wondering how they had been taken advantage of multiple times.