Spanish Authorities Arrest Crypto Pyramid Leader

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Spanish police have arrested Álvaro Romillo Castillo, aka “Cryptospain,” suspected of running a $300 million crypto pyramid scheme that defrauded over 3,000 investors.

The scheme, operating through the Madeira Invest Club, promised 20% annual returns and claimed to invest in real estate, luxury goods, and cryptocurrencies. Investigators found no legitimate business activity; funds from new investors were used to pay older participants. Castillo has been denied bail and is considered a flight risk.

[JanEmil]

Pyramid scheme never get old

[The_Walking_Dead]

Same script, different actors.

[Capybara_Capybara]

Crypto never runs out of “innovators.”

[Swipe]

Greed always finds a new wrapper.

[Revenant]

20% a year? The red flag was waving in 4K.

[Pitchfork_IS_power]

If it sounds too good to be true — it’s probably “CryptoSpain.”