Currently, the law enforcement authorities, as well as the regulating authorities of Spain, are highly concerned about growing cases of crypto-related crimes. Spain, being the first adopter of digital assets within the European region, is also a second home to crypto and cyber-criminals. The lower courts as well as the tribunals of the country are having a problem in speedy disposal of cases as there is a high number of lawsuits regarding crypto crimes, even though the courts/tribunals are conducting hearings on a day-to-day basis.
Spain is not renowned for its scenic beauty but is also famous for being one of the quick adopters of digital assets within Europe. The number of crypto users in Spain is higher than in the rest of the countries in the region. However, with its high number of crypto users, there is a high number of crypto-related crimes as well.
Spain’s media reported that the lower judiciary, tribunals, and quasi-judicial authorities of Spain are flooded with a huge number of crypto-related cases. On daily basis there are hundreds of new lawsuits involving crypto crimes are registered with the courts and tribunals. It is said that the registration branch of the courts and tribunals is finding it difficult to arrange the cases for their normal hearings.
It was felt as if Spain is the second home for crypto criminals as there are thousands of complaints registered by Spanish citizens. Since when the values of Bitcoin and Ethereum went high-rise, crypto crimes have increased significantly in the country. These crimes can be divided into several categories. For instance, exit scams, Ponzi crypto schemes, fraud, theft, etc. are becoming rampant in Spain.
The biggest crypto scam that took place in Spain recently was known as “Algorithms Group”. This was a false and fake crypto startup that enticed people to invest their money in the platform. When the perpetrators behind the fake Algorithms Group collected money, they then vanished with the money belonging to investors. It was reported and duly recorded that the money stolen by these crypto fraudsters was above 280 Million Euros. It was also reported that there were at least three hundred plus victims to whom the looted money belonged.
Although the Spanish Police is aware of the main accused who had actually operated this fraudulent platform, yet he is still at large. The man wanted for mega crypto fraud in Spain is a person who goes by the name Javier Biosca.
Biosca offered investors a return of 25% on weekly basis and actually did provide them with profits initially. However, when the business continued to grow and a huge amount of money was piled up with the platform, Biosca took the money and fled.
The attorney who is representing the victims of Algorithms said that the actual number of victims is 4,000 and not 300.