Crypto Scam Comparison 2021 Versus 2020

  • As the crypto market grows, one plague that has remained has been investors falling victims to scams. Spain in particular has been hit hard
  • In 2020, Arbicorp was involved in a crypto scam that saw investors lose over $1 billion
  • In the same year, Spanish authorities arrested Biosca Rodriguez in connection to a Ponzi Scheme that saw investors lose over $298 million
  • Andrea Zanon, who formerly served in the World Bank, allegedly pilfered $137 million and disappeared

The spate of cryptocurrency scams has exponentially increased in leaps and bounds as cryptos continue to gain popularity. From being virtually unheard of in the early days of the tech, cryptocurrency scams have transmogrified into a major thorn for investors in the ecosystem. The persistent occurrence of these scams has led to instances where values have been wiped off and events have triggered the bankruptcy of exchanges and investment firms around the world.

Spain in particular has been plagued by incidences of crypto-related scams as negative actors seek to eke out illegal gains from the pockets of unsuspecting investors. The courts in the Basque nation are currently handling a slew of cryptocurrency scam cases as occurrences have skyrocketed, leading to the loss of millions of dollars. Some of these cases came to the fore in 2020 while a great majority were exposed in 2021

2020 Scams

The cryptocurrency scams that rocked Spain in 2020 were profound, and losses ran…

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