The head of FX Winning, Spain's largest cryptocurrency scam, was arrested in Dubai; the scam involves over €460 million.

CoinFeed reported on June 4th that, according to CriptoNoticias, Spanish citizen David Merino was arrested in Dubai on suspicion of leading the cryptocurrency Ponzi scheme FX Winning. This scheme is the largest cryptocurrency-related Ponzi scheme in Spanish history, involving over €460 million and affecting approximately 15,000 investors. Merino operated the scheme behind the scenes after officially leaving the company in 2021, attracting funds by promising high returns on forex and cryptocurrency investments. Its operating model involved using funds from new investors to pay earlier investors, and the scheme operated in approximately 30 countries. Spain typically has 15 to 40 days to submit extradition documents to the UAE. In addition, FX Winning is also under investigation in the United States and Mexico, with the U.S. Drug Enforcement Administration (DEA) believing the scheme involves $100 billion.