The search for the mastermind behind the CryptoSpain crypto scam: a reward of 1 million euros for information
The downfall of CryptoSpain and the fraudulent scheme
The Madeira Invest Club platform, better known as CryptoSpain, has come under scrutiny by the National Court following the collapse of what was described as a fraudulent scheme. More than 500 victims have filed complaints, including dozens of affected individuals in Andorra, who have lost significant amounts of money in this scam. The platform’s CEO, Álvaro Romillo, who also went by the names “Luis” or “CryptoSpain,” presented himself as an expert in tax evasion and cryptocurrencies.
Operating under the brand “CryptoSpain,” Romillo managed to attract over 27,000 investors to his private club, Madeira Invest Club, promising incredibly high returns with luxury watches, cars, and properties disguised as works of art. Although the full extent of the scheme has not been confirmed, it is estimated to exceed 300 million euros.
Disappearance and reward
Following the platform’s collapse and the closure of all accounts, thousands of investors were left unable to recover their money. Romillo has attempted to link the platform’s shutdown to Alvise Pérez, leader of the party “Se Acabó La Fiesta,” claiming that their relationship is responsible for freezing the funds. In turn, Alvise admitted to receiving 100,000 euros from Romillo, which he never declared.
Driven by desperation to recoup their investments, the victims have offered a 1 million euro reward to anyone who can provide information leading to Romillo’s whereabouts. This action reflects the magnitude of the impact that CryptoSpain’s collapse has had on the investor community, as they seek justice after losing their savings.
A blow to confidence in crypto investments
The collapse of CryptoSpain and the disappearance of its founder have had significant repercussions in the realm of cryptocurrency investments, particularly in Spain and Andorra. The crypto community is shaken, and trust in such platforms has been severely damaged. This case highlights the risks associated with unregulated investments and the need to exercise caution when faced with promises of extraordinary returns.
With over 27,000 affected investors and a fraud that could be one of the largest in the sector, the hope of the victims lies in the reward offered to help locate Romillo and bring him to justice. In the meantime, the CryptoSpain case serves as a reminder of the importance of transparency and regulation in the cryptocurrency investment sector.
