Cryptocurrency Related Scams Flood Tribunals in Spain – Bitcoin News
In the last few months, Spanish tribunals have been flooded with lawsuits from people who claim to have lost money in cryptocurrency transactions. While the courts are not accepting any lost money, they are also not handing out any cash in any cases, so the majority of the cases end up going to mediation.
Various cryptocurrency related scams have flooded tribunals in Spain this month. Taking advantage of the fact that many Spain’s judicial systems are still working on the impact of various crypto regulations, fraudsters have been filing fraudulent cases in order to take advantage of the country’s legal system.
The Spanish courts are currently under heavy pressure from thousands of people who are trying to recoup money if they have been scammed by a fraudulent ICO. In the last few months, the Spanish courts have handled 4,000 cases related to cryptocurrencies, with the Supreme Court just recently releasing a “Manual for judges” to help them distinguish between scams and legitimate ICOs.. Read more about is cryptocurrency legal and let us know what you think.
Spain is no stranger to the popularity of cryptocurrencies, and with that popularity comes the attention of people and organizations looking to take advantage of them. Spanish courts have recently been inundated with lawsuits over cryptocurrency fraud involving bitcoin and ethereum-based platforms and people who used them to extort millions of euros from other users.
Crypto-currency scams engulf courts in Spain
Spanish courts are now flooded with cryptocurrency fraud cases involving thousands of citizens, according to local reports. With the recent rise in cryptocurrency prices, scammers are always looking to make quick money, and in Spain they have succeeded. One of the largest reported scams involved a company called Algorithms Group, which defrauded more than 300 investors out of more than €280 million. The mastermind behind this scam is a man named Javier Biosca who acted as a broker, buying and selling cryptocurrencies and offering a weekly interest rate of 25% per investment. But things quickly went downhill, and Bioska disappeared with the investors’ money. Emilia Zaballos, a lawyer representing private investors, says possibly 4,000 people have been affected by the fraud. She insisted: The victims are people with the most diverse professions. From notaries, lawyers, state police, businessmen to tax inspectors and even judges. As well as domestic workers, pensioners and the unemployed. And great fortunes. Nimbus, another Ponzi scheme, reportedly stole 136 million euros from over 4 000 investors in the country. The company, which also operated internationally, offered investors refunds on their deposits in cryptocurrencies. Other major companies facing similar charges include Kuailian and Arbistar 2.0, a Ponzi scheme also accused of money laundering.
Additional organisation required
Emilia Zaballos, the lawyer leading the Algorithms Group case, argues that a larger organization is needed to stop these scams, which are affecting more citizens every day. It is now calling for the creation of new courts to deal with these cryptocurrency-related crimes, as well as for existing institutions to provide clearer guidance on how to deal with these entities. So far, national regulators have limited themselves to warning investors of the potential dangers of using these investment instruments, but have not taken direct action against them. But it’s not just waiting for action. Mr Zaballos is chairman of an organisation called the Asociación de Afectados por Inversiones por Criptomonedas, which brings together users affected by these organisations and helps them to take legal action against them. What do you think about the increase in crypto currency fraud in Spain? Let us know your comments in the section below.
Arbistar, bitcoin, cryptovaluta, Emilia Zaballos, Ethereum, Quailian, Ponzi, fraud, Spain, crypto-fraud, cryptovaluta, Spanish courts Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.For some reason, in recent weeks, a large number of Spanish citizens have been scammed by con artists who have convinced them to sign up with a company that had promised them financial rewards in exchange for signing up with its services. The con artists are then collecting their customers’ identity information and later use this to take out secret credit cards, stealing funds from their customers.. Read more about why is cryptocurrency valuable and let us know what you think.
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