class-action lawsuits, crypto lawsuits, crypto ponzi scheme, crypto scam, Europe, Spain, Spain Bitcoin, Spain Crypto

A group of Spaniards filed the first crypto-related class-action lawsuit before the National Court of Spain on an alleged million-dollar scam. The lawsuit targets an individual accused of allegedly scammed over 300 small crypto investors across Spain.

Money Stolen Could Amount Up to $3.58 Billion

Per El País, the class-action lawsuit claims that an individual named Javier Biosca Rodríguez allegedly scammed over 250 million euros ($298 million) in cryptocurrencies from the investors.

The profile of the victims is mixed, starting from domestic employees, retirees, unemployed, even notaries, a judge, lawyers, tax inspectors, and owners of small businesses who tried to recover from the coronavirus-driven economic crisis.

Although it’s not the first class-action suit filed before the National Court of Spain, it’s the first-of-its-kind that involves a crypto-related case, said the local media outlet.

The lawyer representing the victims is Emilia Zaballos, who clarified that despite the class-action lawsuit was filed on March 17, 2021, it wasn’t disclosed to the public “until the deadline for submitting contracts and other documents provided by small investors, in general, has ended.â€

Moreover, Zaballos – who also is the president of the Association of People Affected by Cryptocurrency Investors (AAIC) – says that the number of victims “keeps rising each day.â€

Specifically, the lawsuit states the damages sum up to around 250 million euros ($298 million), but the lawyer is concerned that the amount could cross the 3 billion euros ($3.58 billion) barrier.

Alleged Ponzi Scheme Collapsed in November 2020

According to the court documents, Biosca built a scheme based on offering its clients weekly returns on their crypto investments between 20 and 25%. Mainly, he focused on acquiring bitcoin (BTC), ethereum (ETH), and litecoin (LTC) with the collected money.

Clients indeed initially started to receive the profits from their investments. Due to the trust gained by Biosca, its initial small amount of customer base spread the voice and attracted even more investors onto the scheme.

However, Biosca reduced the returns promised to 10% or even 8% weekly starting January 2020.

He told his customers that he owned a brokerage firm named Algorithms Group, but the company wasn’t in the Spanish National Securities Markets Commission (CNMV). Later in November 2020, Biosca stopped paying his customers.

Zaballos says that lawsuit is extended to Biosca’s wife and his older son, accusing them of scam and other crimes such as “as misappropriation, receipt and money laundering, illicit association, crimes against the public treasury, bribery, corporate crimes, concealment and falsification in a public document.â€

What do you think about this alleged millionaire crypto scam case in Spain? Let us know in the comments section below.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

The Federal Bureau of Investigation (FBI) is putting up warning signs on bitcoin ATMs in Cuyahoga County of the U.S. state of Ohio to warn residents not to fall for scams asking victims to send money to scammers via bitcoin ATMs. FBI Putting Warning Signs on Bitcoin ATMs The Cuyahoga County Scam Squad in Cleveland […]

Xem chi tiết: FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

Wallstreetbets Forum Members Targeted by a Crypto Scam That Reportedly Left Over $2M in Losses

The famous Wallstreetbets (WSB) Reddit forum has made headlines again in the cryptocurrency community, but this time around, it’s not because of ban-related topics or endorsements on a digital asset. Some WSB members reportedly fell into a crypto scam which has left people with millions of dollars in losses. Fraudsters Promoted a Fake Coin Named […]

Xem chi tiết: Wallstreetbets Forum Members Targeted by a Crypto Scam That Reportedly Left Over $2M in Losses

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

The Federal Bureau of Investigation (FBI) is putting up warning signs on bitcoin ATMs in Cuyahoga County of the U.S. state of Ohio to warn residents not to fall for scams asking victims to send money to scammers via bitcoin ATMs. FBI Putting Warning Signs on Bitcoin ATMs The Cuyahoga County Scam Squad in Cleveland […]

Xem chi tiết: FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries

The Spanish government doesn’t stop imposing its tough stance on cryptocurrencies, as another rule comes to strengthen the existing ones. A royal decree recently enacted aligns current regulations with the European Union’s directives regarding anti-money laundering (AML). Rule Aligns With the European AMLD5 Policies According to the decree published in the state official newsletter, Spanish […]

Xem chi tiết: Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries

ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. Eurozone’s Central Bank […]

Xem chi tiết: ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

Spanish Healthcare Group to Accept Cryptocurrency Payments, Citing Interest in ‘Bitcoin Revolution’

Cryptocurrency regulation is still an ongoing topic for the Spanish government and regulators, with some not too friendly measures against crypto ads or enhancing tax rules. However, adoption is on the rise in different industries, and the healthcare sector is joining the frenzy. Patients Could Pay With Digital Assets Starting June 1 According to Forbes […]

Xem chi tiết: Spanish Healthcare Group to Accept Cryptocurrency Payments, Citing Interest in ‘Bitcoin Revolution’

Turkish Crypto Exchange Exit Scam: CEO Flees Country, 62 People Detained, Users Cannot Access $2 Billion of Funds

A Turkish cryptocurrency exchange with about 400,000 users has been accused of pulling an exit scam. Its CEO has reportedly fled Turkey, allegedly taking $2 billion of customer funds with him. The police have an arrest warrant for the CEO and 62 people have already been detained in connection with the case. Crypto Exchange Accused […]

Xem chi tiết: Turkish Crypto Exchange Exit Scam: CEO Flees Country, 62 People Detained, Users Cannot Access $2 Billion of Funds

Turkish Crypto Exchange Exit Scam: CEO Flees Country, 62 People Detained, Users Cannot Access $2 Billion of Funds

A Turkish cryptocurrency exchange with about 400,000 users has been accused of pulling an exit scam. Its CEO has reportedly fled Turkey, allegedly taking $2 billion of customer funds with him. The police have an arrest warrant for the CEO and 62 people have already been detained in connection with the case. Crypto Exchange Accused […]

Xem chi tiết: Turkish Crypto Exchange Exit Scam: CEO Flees Country, 62 People Detained, Users Cannot Access $2 Billion of Funds

Two Major Hotels in Touristic Spanish City to Accept Crypto Payments in the Wake of Covid-19 Crisis

National Court of Spain Takes the Investigation of the Alleged Ponzi Crypto Scheme Arbistar

Ukrainian Parliament Passes Bill That Criminalizes People Who Don’t Reveal Crypto Holdings

Court Summons Mirror Trading International Executives Over BTC Global Scam Allegations

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Swedish Central Bank Releases the First Study About Its CBDC E-Krona Pilot

Spanish Travel Compensation Firm Signs Deal With Domestic Exchange to Reimburse Travelers With Cryptos

Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals