How a $300 Million Crypto Scheme Linked a Crypto Kingpin to Spain’s Far Right

Spanish authorities arrested Álvaro Romillo Castillo, known as "Cryptospain," the alleged leader of a $300 million crypto pyramid scheme that defrauded over 3,000 investors through the Madeira Invest Club since early 2023. The scheme falsely promised high annual returns by claiming investments in real estate, luxury goods, and crypto, but investigators found it was a Ponzi scheme using new investor funds to pay old ones, operating through shell companies in at least eight countries.

Crucially, the investigation uncovered political links: Castillo admitted to contributing $115,000 to the 2024 election campaign of far-right MEP Luis “Alvise” Pérez Fernández, whose party, Se Acabó La Fiesta, recently won three seats in the European Parliament. Prosecutors are now investigating allegations that Fernández sought Castillo's help to create crypto wallets for anonymous political donations to bypass oversight.

This development has prompted prosecutors to consider expanding their probe into Castillo's alleged role in facilitating money laundering and illegal campaign financing, potentially revealing a deliberate effort to conceal political funding sources.

(Source：BeInCrypto)