Spanish Crypto Influencer Arrested in $300 Million Fraud Investigation

Fraud Details: Álvaro Romillo Castillo, known as CryptoSpain, was arrested for allegedly running a $300 million pyramid scheme that affected over 3,000 investors through his entity, Madeira Invest Club.

Political Corruption Links: The case has raised concerns about potential political corruption, with some far-right politicians under investigation for illegal campaign contributions related to the fraud.

Market Stability: Despite the significant fraud, major cryptocurrency markets, including Bitcoin and Ethereum, have not experienced major disturbances or price fluctuations.

Ongoing Investigations: Authorities are continuing to investigate the case, focusing on the political ties and the potential flight risk of the detained individual, while awaiting further statements from involved parties.