According to Bitcoin.com News, Spain’s Civil Guard discovered large-scale Bitcoin transfers to digital wallets associated with the defunct cryptocurrency platform Arbistar following its collapse. The investigation found that approximately 881 Bitcoins were transferred to external wallets when the platform collapsed in September 2020; between January and March 2021, wallets linked to the main defendant saw cumulative inflows and outflows exceeding 20,000 Bitcoins, valued at over $1.1 billion based on Bitcoin’s price on March 31, 2021.
Spanish authorities classified the platform as a Ponzi scheme affecting up to 32,000 investors, and in 2020, prosecutors stated that approximately $1 billion in investor funds were unaccounted for. The founders, Santiago Fuentes Jover and Diego Fernández Nojarova, were sentenced to 16 and 11 years in prison, respectively.
Spanish Police: Over $1.1 Billion in Bitcoin Moved After Arbistar Collapse
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Summary
Bitcoin breaking news: Spain’s National Police reported that over 20,000 BTC, valued at more than $11 billion as of March 31, 2021, were transferred from wallets associated with the collapsed crypto platform Arbistar. The transfers took place between January and March 2021. Authorities have classified Arbistar as a Ponzi scheme impacting up to 32,000 investors, with approximately $10 billion in funds reportedly missing. Founder Santiago Fuentes Jover and partner Diego Fernández Nojarova were sentenced to 16 and 11 years in prison, respectively.
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