Alleged $ 140 million bitcoin scam under investigation in Spain

Alleged $ 140 million bitcoin scam under investigation in Spain - bitcoin hacker 2478831Cases of alleged scams involving bitcoin investments (find out how buy Bitcoins) and other cryptocurrencies that promise high return rates continue to be the order of the day.

The turn to face justice has come for a platform called Nimbus, created in 2020 and based in Malta. The investigation has just been taken over by the Spanish Audiencia Nacional by decision of the Supreme Court of that country.

The company is accused of running a pyramid scheme worth close to $ 140 million, according to a forensic report from the Guardia Civil, which left 4.000 people affected, according to a local newspaper.

Furthermore, the company is accused of using its investors' cryptocurrencies and exchanging them for its own tokens called NBU and GNBU, which are based on the Ethereum network. At the time of writing, the aforementioned tokens are priced at USD 0,011 and USD 0,10 respectively. The latter is down 14,62% in the past 24 hours, according to CoinMarketCap.

The above would mean that the Nimbus company traded BTC and the stablecoin USD Tether (USDT), a cryptocurrency that was also managed by users, for tokens with a notoriously lower value.

Charges against the company could include racketeering, money laundering and criminal organization. Nimbus offered returns between 7% and 15% per month. It also said that investors would not suffer losses, but since 2020 it has stopped meeting its payment commitments, triggering a lawsuit.

It all started in 2021

Apparently, Nimbus' legal problems arose in 2021, when a court in Huelva, a city in southern Spain, received a complaint from attorney Carlos Aránguez, who represents 150 people affected by the company's alleged scam.

According to a local media report, Nimbus said Aránguez has started a smear campaign to attract more customers. The lawyer's website shows that he represents the victims of other alleged pyramid schemes in Spain from platforms such as Kuailian, Finiko,, Ganancias Deportivas, among others.

Indeed, earlier this year, Aránguez founded the Asociación de Usuarios de Criptomonedas. A non-profit organization that seeks to spread knowledge of bitcoin and cryptocurrencies and, furthermore, to protect those who use these digital assets.

Aránguez is not the only one who defends those affected by Nimbus, there is also LABE Abogados. According to their website, the number of people affected could reach 32.000 with damage that could exceed 100 million euros.

"Nimbus claimed that through a sophisticated arbitrage system based on the Avalon App software they could guarantee monthly returns well above the market of about 7 and 15% systematically for the sole fact of depositing our cryptocurrencies in the address of the Nimbus wallet" - LABE Abogados.

Nimbus is a "financial chiringuito"

Until now, the National Court was limited to analyzing the data and information provided by the Huelva court, however, this has hardly changed. For the Spanish Security and Exchange Commission (CNMV), Nimbus is not even trustworthy, it is classified as a "financial chiringuito", as it is not authorized to provide investment services.

The company denies the allegations and says it trusts Spanish courts and judicial institutions to determine the truth. He has made clear his intention to cooperate with the Spanish authorities and assures that he will answer any questions.

Cases of cryptocurrency scams often arise in Spain, largely due to the popularity of bitcoin in that country. This media recently reported that Spain was ranked fifth in Europe with the highest volume of cryptoasset transactions with nearly € 60 billion during 2021. Something that appeals to those looking to take advantage of people looking to invest in an industry. still nascent.