Spanish Authorities Crack Down on €260 Million Cryptocurrency Ponzi Scheme

Spanish authorities have taken down an alleged mastermind behind a major crypto Ponzi scheme estimated at €260 million. The individual, operating under the name ‘Madeira Invest Club,’ allegedly lured over 3,000 victims with promises of high returns through investments linked to digital art, luxury vehicles, whiskey, real estate, and cryptocurrency. However, authorities have confirmed that no legitimate business operations took place. The investigation involved Europol and international law enforcement agencies, uncovering a complex network of shell companies and bank accounts spanning at least ten countries.