Spanish Authorities Nab ’CryptoSpain’ in $280M Ponzi Scheme—Another Crypto Influencer Bites the Dust

Spain cracks down on another crypto scam—proving even 'influencers' can't outrun the law.

Another day, another rug pull. Spanish authorities just arrested the so-called 'CryptoSpain,' a social media personality accused of running a $280 million Ponzi scheme. The influencer—who promised moon-shot returns—instead delivered a classic exit scam.

How it unraveled: Victims reported withdrawals freezing, then silence. Sound familiar? The scheme followed the oldest playbook in crypto: hype, collect, vanish.

Regulators strike back. Spain’s National Police moved fast—freezing assets and shutting down operations. Turns out, 'decentralized' doesn’t mean 'above the law.'

Lesson learned? If a crypto guru guarantees profits, they’re either lying or about to disappear. Maybe both.

Bonus jab: Another 'financial disruptor' disrupted—this time by handcuffs. Maybe stick to flipping burgers next time.

Alleged Ponzi Scheme Promising 20% Annual Returns

Authorities allege that Romillo ran a fraudulent investment club called the, which began operations in early 2023. Promoted across social media platforms under thebrand, MIC marketed itself as aoffering exposure to luxury assets such as

Investors were promised, supposedly generated through digital art acquisitions that MIC WOULD later “repurchase at a premium.”

However, investigators foundbehind these claims. Instead, the operation resembled a, where funds from new investors were used to pay earlier participants.

A Civil Guard spokesperson confirmed that the scheme was “diversified across multiple asset types” to appear credible, masking its fraudulent nature.

$31 Million Transfer to Singapore Sparks Flight Risk Concerns

Judge Calama denied bail primarily due to a. Investigators discovered a recentfrom Romillo’s accounts to foreign destinations.

Spanish daily El Mundo, citing official investigation documents, reported that authorities identified a Singapore-based bank account containing investor funds linked to the Madeira Invest Club.

The Fourth Investigative Chamber of the National High Court consequently issued a formal detention order after assessing the risk that Romillo might flee the country.

The investigation also revealed Romillo’spolitical donation to far-right figureduring the European Parliament elections , which is a MOVE now underfor possible illicit financing ties.

Multi-Country Operation Exposed

Investigators have traced the network’s footprint to, uncovering a complex web of. This cross-border structure has made the probe “significantly more complex,” according to officials, and highlights the.

The Civil Guard’s operation, officially namedis now one ofto date.

Romillo faces multiple serious charges, including fraud, money laundering, and participation in a criminal organization.

Social Media Fame Used to Build Trust

Romillo’s arrest has shocked Spain’s crypto community, where he was known as a charismaticwith tens of thousands of followers under thealias.

Authorities believe he exploited this online influence to, promoting MIC as a safe, high-yield investment alternative.

Investigators say the “guaranteed buyback and fixed returns” narrative was key to luring unsuspecting investors seeking stability amid volatile crypto markets.

Funds were allegedly diverted to, including the overseas transfers that triggered concerns about possible asset flight.

The Civil Guard’s statement confirmed that the ongoing probe extends beyond Romillo himself, targeting thebehind the Madeira Invest Club , which is a sophisticated organization spanning multiple jurisdictions.

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