The “Arbistar Case” could be the largest pyramid scheme in the field of cryptocurrency investment recorded to date.
Serious. There are more and more crimes associated with cyber scams.
Within the framework of the investigation into the alleged fraud with cryptocurrencies related to the company Arbistarone of the formal accusations presented in the National Court a request for 30 years in prison for Santiago Fuentes Jover, identified as the ringleader of this plot that harmed more than 8,200 people.
The buffet Aranguez Lawyers, who represents those affected, delivered to Judge José Luis Calama an accusation document against Fuentes Jover, who has been in prison since last June 26. Along with him, five other people and a dozen companies linked to Arbistar are also accused, designated as subsidiary civil parties.
Fuentes Jover and the other defendants are charged with crimes of aggravated fraud, membership in a criminal organization and falsification of commercial documents. This case, known as the “Arbistar Case“, It could be the largest pyramid scheme in the cryptocurrency investment field recorded to date.
According to the indictment, part of the funds raised from investors were used to pay high interest rates promised to early investors, creating a false sense of security and profitability. Judge Calama, following the criteria of the Prosecutor’s Office, has indicated that Arbistar offered automated investment systems in cryptocurrencies through various arbitration bots, presented as infallible in detecting the best buying and selling opportunities on different platforms.
Arbistar: what the scam was like
Arbistar’s marketing strategy combined the promise of high profitability, ranging between 8% and 15%, with communication campaigns through the Internet, events in hotels and the instrumental use of early investors to attract more victims. .
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However, according to the expert report of the Cybercrime Department of the Central Operational Unit of the Civil Guard, the algorithm system that supposedly supported the business was never operational. This conclusion was fundamental for the prison order for Fuentes Jover issued by the judge.
Judge Calama has been investigating the alleged Arbistar pyramid scheme since 2021, after accepting the inhibition of a court in Santa Cruz de Tenerife. In July of that year, he also opened a separate case for alleged crimes of money laundering and document falsification.
Source: Ambito
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