Spanish National Police warns about wave of cryptocurrency scams – DiarioBitcoin

Spanish National Police warns about wave of cryptocurrency scams - DiarioBitcoin

Spanish National Police warns about wave of cryptocurrency scams - DiarioBitcoin By Daily EditorBitcoin

The most recent complaints of cryptocurrency scams come, especially, from Navarra.


The National Police of Spain issued a warning about the rise of a cryptocurrency investment scam. It does this after receiving several complaints from the province of Navarra.

As reported by the media 20 minutes, the amount defrauded in the last two complaints investigated by the National Police in Pamplona and Tudela amounts to more than 240,000 euros (USD $ 279,880).

Alert with investment websites

The police explained that at present there are many websites offering supposed investment services in the stock market or in virtual currencies, “promising high returns and very low risk in order to fraudulently obtain a large payment through deception.”

According to the media, these are new companies, little known, but with profiles on different social networks in which they regularly publish videos on well-known online channels to gain the trust of their potential victims.

Modus operandi

Still counting 20 minutes that the complaints filed in recent weeks in Navarra refer to the same modus operandi: When victims seek information about investments in BTC on internet portals, they find different platforms that promise great benefits in a few days.

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“When contacting, normally through a social network or an instant messaging company, with those responsible for the aforementioned investment websites, they are invited to make small investments of money to see how the next day their investment has increased by a 20% reaching 50% on the second day and rising to 80% on the third day. These false returns that the victims obtain and withdraw without inconvenience constitute the key to gain their trust ”, reveals the police to the medium.

He adds that these companies also make available to users tools that allow them to follow the revaluation of investments in real time. “In this way, and with the promise of high profitability, they are convinced to increase the invested capital, transferring more than 120,000 euros to the accounts of the alleged brokers.”

The deception continues: “Afterwards, the injured person continues to check in the analytical tools how their investment grows exponentially. In one of the complaints analyzed, the victim allegedly had earned one and a half million euros by making an investment of 120,000 euros. “

They do not allow you to withdraw profits

The main problem, the Police say to the media is that “When they try to withdraw the fictitious profits, the victims are informed that they must re-enter a large amount of money, more than 100,000 euros, to withdraw the funds. It is then when they realize that they may be suffering a scam and they inform the police services ”.

The National Police explains that in this type of scam it stands out the social engineering of scammers, able to establish a relationship of trust with their victims without raising suspicions.

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Police tips

Before making any investment, the National Police of Spain advises check that they are solvent and proven companies. In addition, it recommends the periodic consultation of alerts from public authorities regarding investment platforms.

If you want to file a complaint or make any query, you can do it in person 24 hours a day at the National Police and also through 091. “The immediacy in the detection of the crime committed facilitates its investigation”, explains the body, which adds that in the Higher Headquarters of the National Police in Navarra there are specialized groups in Economic Crime and Technological Crimes to which they can go if they have been a victim of this type of incident in order to proceed with their investigation.

Spain, supervision and scams

Spain has been pending a supervision of cryptocurrencies. In August, Spain’s National Securities Market Commission, the regulatory body, issued a warning notice for 12 companies, including well-known crypto exchanges. Huobi and Bybit, for providing investment services without being registered with the authorities.

This was stated in the warning notice dated August 16, 2021: “According to the CNMV records, these institutions are not registered in the corresponding registry of this Commission and, therefore, they are not authorized to provide investment services or other activities subject to the supervision of the CNMV.”

As for scams, the Spanish police have detected and dismantled them many times. In 2019, for example, he carried out an investigation that led to the dismantling of a group of scammers, who were dedicated to money laundering and possessed at least some EUR $ 250,000 in funds BTC.

Also in 2019, the Supreme Court sentenced the first conviction for fraud with Bitcoin. Likewise, since 2015 there have been cases of massive scams with cryptocurrencies in that European country.

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Beware of scams

It is important to be alert in relation to scams, as they seem to hide in a thousand and one ways. In these articles we give you some tips to recognize and avoid them.

Sources: 20 minutes,, file

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