Spanish police arrest Santiago Fuentes, the founder and operator of a bitcoin buying and selling agency that’s alleged to have scammed 120,000 customers.
Spanish police arrested Santiago Fuentes, the founder, and operator of a BTC buying and selling agency, for allegedly scamming 120,000 customers. Fuentes is alleged to have raised over $1 billion with guarantees of big assured earnings to traders. The police arrested Fuentes in certainly one of his houses in Tenerife, an island in Spain. Fuentes is the founding father of Arbicorp, an organization finest identified for its BTC bot funding platform, Arbistar 2.0. He promised traders excessive earnings, some as excessive as 1% every day return.
Fuentes charged with cash laundering and fraud.
Earlier, Arbicorp froze all its customers’ funds in September, sparking fears of an exit rip-off. The corporate introduced that it might additionally shut down its buying and selling bot after a glitch within the system led to an enormous miscalculation of investor earnings. Arbicorp had allegedly been overpaying its traders for 46 weeks. Nevertheless, Fuentes denied claims that his firm was a Ponzi scheme. The authorities should not satisfied by Fuentes’ pleas of goodwill as according to native outlet La Provincial, they arrested him on October 21. Spanish authorities have charged Fuentes with fraud, money laundering, and belonging to a felony group.
Fuentes reassured traders of refunds repeatedly.
Fuentes had repeatedly assured traders that his agency would refund them in due time. In certainly one of his YouTube movies, he cited that he had shot the video at his own residence as proof that he wasn’t hiding or operating. Nevertheless, as per La Provincial, Fuentes has 4 houses and alternates residence sometimes. In keeping with the native information report, the police had reportedly raided all his 4 homes as he has been alternating residence in concern of threats on his life. The investigation into the agency started final month after a lot of disgruntled traders filed prices with the police.
— to coinnounce.com