Arbistar Ponzi Scheme Wallets Moved Over $1.1B in Bitcoin After Collapse: Report

Spanish authorities investigating the fraudulent cryptocurrency platform Arbistar have uncovered massive post-collapse bitcoin movements. New details have emerged in Spain’s investigation into Arbistar, the fraudulent cryptocurrency platform that fleeced tens of thousands of investors. Fresh findings from the Guardia Civil reveal that digital wallets tied to the now-defunct firm handled massive bitcoin transfers even after its collapse, per reporting from Teneriffa News. The saga began in September 2020, when Arbicorp, the parent company operating out of southern Tenerife, suddenly froze investor accounts, blaming a “failure” in its automated cryptocurrency trading bots. Promising weekly returns of around 28%, the scheme had drawn in tens of thousands of victims across 30 Spanish provinces, as well as international jurisdictions including Mexico, Venezuela, France, and Andorra.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.