Europe’s most wanted crypto con artist arrested as cops seize £ 1.5million in luxury supercars

This is the moment when Europe’s “most wanted crypto con artist” was found and arrested by police in Spain.

Footage from the scene shows how Civil Guards seized seven high-end vehicles from the 45-year-old Portuguese national in Valencia on Saturday.


In Spain, cops seized seven high-end vehicles of the ‘crypto crook’Credit: Flash info
Police surrounded the house of the unnamed man on Saturday


Police surrounded the house of the unnamed man on SaturdayCredit: Flash info

The anonymous man has since been charged with seven counts of fraud and money laundering.

His arrest was the culmination of an operation called “Bitdrop” which began last August.

The suspected con artist also had assets worth more than € 2.5million (£ 2million) frozen by authorities.

He had created a so-called online cryptocurrency investment platform that offered investors a minimum return of 2.5% per week based on how much they contributed.

But investigators eventually learned that it was a Ponzi scheme and that he had defrauded several people in Spain.

Investigators also identified that crimes had been committed across Europe in Luxembourg, Switzerland and Portugal.

On December 2, searches were carried out at the man’s home and at the headquarters of his company and numerous documents and electronic devices were seized.

A number of company-related bank accounts and web pages have also been blocked by police.

Cryptocurrencies are digital payment systems that don’t depend on banks to verify transactions, and their rise has led to an exponential increase in related scams in recent years.

The Federal Trade Commission Consumer Sentinel reports that around 7,000 people recorded losses of more than $ 80 million (£ 59 million) from October 2020 to March 31 of last year.

This is an increase of almost 1,000% in reported losses compared to the same period the previous year.

5 risks of crypto investments

The Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

  • Consumer protection: Certain investments announcing high returns based on crypto assets may not be subject to regulation beyond anti-money laundering requirements.
  • Price volatility: The high volatility of crypto-asset prices, combined with the difficulties inherent in a reliable valuation of crypto-assets, puts consumers at high risk of loss.
  • Product complexity: The complexity of some crypto-asset related products and services can make it difficult for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back to cash. The conversion of a crypto-asset into cash depends on the existing demand and supply in the market.
  • Costs and fees: Consumers should consider the impact of fees and charges on their investment, which may be higher than those of regulated investment products.
  • Promotional material: Companies may overestimate product returns or underestimate the risks involved.

Buying any cryptocurrency is incredibly risky.

With any investment, there is a risk that the value of your money will go down as well as up. This means that you should only invest the money that you can afford to lose.

Cryptos can be riskier than other investments because they are volatile and speculative – their price often goes up and down very quickly, sometimes seemingly for no reason.

Many cryptocurrencies have a short history, which makes them difficult to understand and predict.

This type of investment is also not protected by the regulator, which means that you have no protection if something goes wrong.

The British regulator has warned that the British risk losing ALL of their money if they invest in cryptocurrencies.

If you are considering investing in any type of crypto, do your research first and invest only the money you can afford to lose.

Also beware of scams, as the crypto market is often a target for fraud.

Pay attention to fake celebrity mentions or social media profiles pushing certain pieces.

The 45-year-old has been charged with seven counts of fraud and money laundering


The 45-year-old has been charged with seven counts of fraud and money launderingCredit: Flash info
British bitcoin expert Layah Heilpern gives crypto advice to his followers on TikTok

Mary I. Bruner