Spain has not been a stranger to the popularity of cryptocurrencies, and with this popularity, also comes the attention of people and organizations wanting to capitalize on the subject. Spanish tribunals have been flooded lately with lawsuits involving cryptocurrency scams related to bitcoin and ethereum based platforms, and the people using these to scam other users for millions of euros.
Tribunals from Spain are now being flooded with cryptocurrency scam-related cases, that are affecting thousands of citizens, according to local reports. With the recent price increase of cryptocurrencies, scammers are always looking to do a quick buck, and they have been successful in Spain. One of the biggest scams reported is the one associated with a company named Algorithms Group, which scammed more than 280 million euros from 300+ investors.
The brain behind this scam is a man called Javier Biosca, who acted as a broker buying and selling cryptocurrencies and offering weekly interests of 25% per investment. However, the business went sour quickly and Biosca disappeared with the money of investors. Emilia Zaballos, the lawyer that is representing private investors, states the scam could have affected 4,000 people.