Spain Continues Money Laundering Probe Into Arbistar Bitcoin Wallets

Spanish police say digital wallets tied to the failed crypto platform Arbistar moved more than 20,000 bitcoin after the company collapsed. The transfers were worth over $1.1 billion at the time. The findings come from a new Guardia Civil report, according to Teneriffa News. The report adds new details to Spain’s long-running case against the platform. Arbistar was run by its parent company, Arbicorp, from southern Tenerife. In September 2020, the firm suddenly froze investor accounts. The company blamed a “failure” in its automated crypto trading bots. Before the freeze, it had promised investors weekly returns of around 28%. Once the accounts were frozen, investors could no longer access their funds. Many had joined believing the bots would trade crypto for steady profits.

First reported by Blockonomi. This page is a short excerpt; the full text is theirs.