Lawyer Who Represents Victims of Alleged Spanish Crypto Ponzi Says It Could Be the ‘Biggest One’ in the Country

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The Arbistar case victims’ defense lawyer claims that the overall number of those affected amounts to 32,000 families with at least 93.4 million euros ($113.55 million) in losses.

Lawyer in Arbistar Case Reveals Details on Class-Actions Lawsuits Against the Alleged Crypto Ponzi Scheme

During an interview with Eldiario, Carlos Aránguez, a Spanish lawyer who represents 130 victims, pointed out that the magnitude of the disaster provoked by the alleged crypto Ponzi scheme Arbistar can be qualified as the “biggest computer scam” in Spain.

Victims represented by the lawyer are located in Mexico, Venezuela, France, Andorra, and almost 20 Spanish provinces, who claimed to had invested into the Arbicorp’s bots — the firm who owns Arbistar — and which promised yields of approximately 28%, but suddenly, the firm announced the freezing of accounts belonging to over 120,000 investors on September 12, 2020, due to an alleged “failure” in one of its cryptocurrency trading bots.

According to Aránguez, in reality, Arbistar’s business model was based on a pyramid scheme, as almost each one of his clients got attracted by the offering of the Spanish firm thanks to the recommendations of friends who claimed to…

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