Now, the investigation into the major cryptocurrency scheme alleged to be a Spanish Ponzi scheme will be the responsibility of the Spanish National Court. After a judge in Tenerife was banned, a judge from National Legal Affairs is investigating Arbistar.
Economic losses may exceed 120 million U.S. dollars
According to El País, Judge José Luis Calama agreed to investigate Arbistar 2.0 SL because nearly 1,127 victims were suspected of fraud. The authorities still believe that this number may be as high as 32,000.
El País said that what worries the judge is that the amount stolen in the so-called Ponzi scheme may exceed 100 million euros ($120 million). However, as of press time, law enforcement agencies have compensated more than 41 million euros (49.26 million US dollars) in damages.
In other words, Calama pointed out that, considering that the fake crypto trading robot platform is said to have been victimized in 30 of Spain’s 50 provinces, Arbistar may be the “largest scam in Spain” related to cryptocurrency.
Arbistar head Santiago Fuentes (Santiago Fuentes) was suspended. A judge of the Central Teaching Court 4 previously stated that he and his accomplices may have been involved in serious fraud, criminal organization, and ongoing crimes of forging business documents.
El País stated that two members of Arbistar, who are wanted and wanted by Interpol, have reportedly surrendered to the Spanish authorities.
The victims are not only in Europe, but also in Latin America
Judge Calama’s speech on the Arbistar case is not a new statement in this case. Carlos Aránguez, a Spanish lawyer representing 130 Arbistar victims, commented in December 2020 that the scale of the disaster caused by the so-called encrypted Ponzi scheme can be regarded as Spain’s “largest computer scam”.
The victims represented by the lawyers are distributed in Mexico, Venezuela, France, Andorra and nearly 20 Spanish provinces. They are said to have invested in Arbicorp’s robot (a company that owns Arbistar) and promised a return rate of about 28%.
But suddenly, the company announced that it would freeze the accounts belonging to 120,000 investors on September 12, 2020, because one of its crypto trading robots was suspected of “failed.”
What do you think of Arbistar’s investigation by the Spanish National Court? Let us know in the comments section below.
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