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Arbistar An Alleged Ponzi Crypto Scheme Is Being Investigated By The National Court of Spain

The National Court of Spain will now be in leading the investigation into an alleged major Spanish Ponzi crypto scheme. Having followed the inhibition of a judge in Tenerife, the investigation of Arbistar is now being handled by a judge from the national legal instance.

Damages To The Economy Could Total More Than $120 Million.

Judge José Luis Calama decided to investigate Arbistar 2.0 SL, according to El Pas, since there are almost 1,127 people who have been victims of the suspected fraud. Authorities say the number could reach 32,000.

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El Pas estimated that the amount of money stolen in the suspected Ponzi crypto scheme may be over 100 million euros ($120 million), which is a worrying reality for the judge. As of press time, law enforcement had paid for over 41 million euros ($49.26 million) in penalties.

Calama did, however, point out that Arbistar might be the “biggest cryptocurrency fraud in Spain,” given that the fake crypto trading bots network allegedly had victims in 30 of the country’s 50 provinces.

Arbistar’s leader, Santiago Fuentes, is on probation. He may have been involved in aggravated theft, criminal enterprise, and continued falsification of commercial documents with his accomplices, according to a judge from the Central Court of Instruction 4.

According to El Pas, two members of the Arbistar who were on the run and wanted by the Interpol confessed to the Spanish authorities.

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Victims Are From All Over The World, Including Europe And Latin America.

The statements made by Judge Calama about Arbistar are not fresh in the sense of the case. In December2020, Carlos Aránguez, a Spanish lawyer who represents 130 Arbistar victims, said that the scale of the tragedy caused by the suspected crypto Ponzi scheme could be categorized as Spain’s “biggest computer fraud.”

Victims identified by the attorney are from Mexico, Venezuela, France, Andorra, and nearly 20 Spanish provinces, who reported to have traded in Arbicorp’s bots, which offered returns of about 28%.

However, on September12,2020, the company abruptly revealed the freezing of over 120,000 investors’ accounts due to a suspected “failure” in one of its crypto trading bots.


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