Interpol has been searching for the suspect since 2015

​The creator of a fraudulent crypto project was detained in Spain

24.11.2021 - 13:00

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2 min

What’s new? The law enforcement agencies in Spain have detained a Latvian citizen in a case involving the creation of a fraudulent cryptocurrency project. According to preliminary reports, the criminal escaped with €500 000 of the victims.

How did the events develop? According to the Spanish Guardia Civil, the detainee founded the project and the Hodlife token of the same name. He used Twitter and Telegram to promote it and invited an actor to make positive video reviews about the project. In June 2020, the Latvian made an exit scam, embezzling investors' money. The Spanish Guardia Civil estimated that more than 1000 people were affected and the amount of damage exceeded €500 000 in cryptocurrency translations.

“His victims were not only in Spain but also in other countries. We are now calling on people who have been affected to contact us,” the agency said.

How did the law enforcers identify the criminal? The fraudster, with a fake passport, acted from Spain. He laundered funds through mixing services. However, the law enforcers managed to establish a connection between different wallets and trace the criminal. Interpol has been looking for the suspect since 2015.

Author:

Tatiana Darda Tatiana Darda

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