|

Spanish Crypto Influencer Álvaro Romillo Jailed Without Bail Over $300M Fraud Case

🔴

Spanish authorities have ordered the detention with out bail of Álvaro Romillo, a well known crypto influencer and founding father of the alleged Ponzi scheme Madeira Invest Club (MIC), on costs of orchestrating a $300 million fraud that defrauded hundreds of buyers.

Key Takeaways:

  • Spanish crypto influencer Álvaro Romillo has been jailed with out bail for allegedly working a $300 million Ponzi scheme.
  • Investigators say MIC defrauded over 3,000 buyers, promising annual returns of as much as 20%.
  • Romillo faces as much as 18 years in jail, with authorities linking him to a hidden €29 million Singapore account.

Romillo was taken into custody on Thursday after investigators uncovered a Singapore checking account containing €29 million ($33.5 million) linked to his community of corporations.

Citing the invention as proof that he posed a flight threat, National Court choose José Luis Calama ordered him jailed following a two-hour testimony.

Spain’s Civil Guard Says Madeira Invest Club Defrauded 3,000 Victims

According to Spain’s Civil Guard, MIC lured greater than 3,000 victims into what investigators imagine was a traditional Ponzi operation, elevating round €260 million by guarantees of unrealistic annual returns of as much as 20%.

The firm claimed to supply funding alternatives in digital art work and luxurious items similar to yachts, Ferraris, and gold, with assured buyback choices that prosecutors say have been fraudulent.

Authorities started probing the scheme in late 2024, submitting a number of complaints by October that yr. Over the next months, Romillo appeared to cooperate with the investigation whereas legislation enforcement seized dozens of high-end autos and different property.

His arrest was triggered solely after prosecutors confirmed the offshore financial institution accounts, elevating fears that he would possibly abscond.

Court paperwork cited by Cadena SER counsel Romillo might withstand 9 years in jail, or eighteen years if the crimes are labeled as “mass offenses.”

During Friday’s listening to, Romillo insisted he deliberate to reimburse buyers, claiming to have already repaid round 2,700 individuals in money—although he supplied no documentation to confirm these claims.

Adding to the controversy, Romillo beforehand admitted to creating a €100,000 under-the-table donation to the 2024 marketing campaign of far-right MEP Luis “Alvise” Pérez, chief of the SALF get together, who’s now going through a separate investigation.

The MIC scandal has rapidly turn into one in all Spain’s largest crypto fraud circumstances to this point, marking one other high-profile collapse in Europe’s ongoing crackdown on unregulated funding schemes.

Investor Loses $3M in Crypto Phishing Scam

As reported, a cryptocurrency investor has fallen victim to a phishing scam, shedding $3.05 million in Tether (USDT) after unknowingly signing a malicious blockchain transaction.

The loss, flagged by blockchain analytics platform Lookonchain on Wednesday, underscores the rising risk of phishing assaults concentrating on digital asset holders.

The attacker exploited a standard behavior amongst crypto customers: validating solely the primary and previous couple of characters of a pockets deal with whereas ignoring the center.

Crypto buyers lost over $2.2 billion to hacks, scams, and breaches within the first half of 2025, pushed largely by pockets compromises and phishing assaults, based on CertiK’s newest safety report.

Wallet breaches alone brought about $1.7 billion in losses throughout simply 34 incidents, whereas phishing scams accounted for over $410 million throughout 132 assaults.

The submit Spanish Crypto Influencer Álvaro Romillo Jailed Without Bail Over $300M Fraud Case appeared first on Cryptonews.

Similar Posts