Spanish crypto influencer CryptoSpain detained on $300 million fraud, money laundering charges

Álvaro Romillo, the Spanish crypto influencer known as CryptoSpain and founder of Madeira Invest Club (MIC), has been ordered held without bail by a Spanish court on charges related to a $300 million fraud and money laundering. His arrest followed the discovery of a €29 million ($33.5 million) deposit in a Singapore bank account linked to him, leading authorities to deem him a flight risk. Spanish authorities began investigating MIC in late 2024, believing it operated a Ponzi scheme that defrauded 3,000 victims of approximately €260 million (over $300 million) by soliciting minimum deposits of €2,000 for contracts in digital artwork and luxury goods with unusually high guaranteed returns of about 20% annually. Romillo had previously cooperated with authorities and seized assets included luxury cars, but he was detained after the foreign accounts were found. He claimed in court to intend to repay investors, stating he had returned money to 2,700 parties in cash without proper accounting. Romillo also admitted to providing a €100,000 cash donation to the 2024 election campaign of far-right MEP Luis "Alvise" Pérez.

(Source：The Block)