Cryptospain Collapse: Spain's Largest Crypto Scam Leaves 100 Million in Losses

Alvaro Romillo and Cryptospain: 100 million euros vanished in Spain's biggest crypto scam

Can you lose money in crypto without lifting a finger? Yes, by trusting a bald man who previously sold fountain pens. Cryptospain, a financial operation promising 50% returns through an investment club, has collapsed. The figures are staggering: more than 5,000 students in info-products, 2,800 subscribers to an annual 2,000-euro membership, and an estimated hole of 100 million euros.

The 2,000-euro membership trap

According to leaked data, the scheme operated as a classic pyramid fraud: early investors received returns using money from new members until the influx dried up. "I was paying the returns until it stopped," summarize sources close to the victims. The promise of fiscal anonymity and easy gains attracted thousands, many of whom now face two fronts: the loss of capital and a possible tax investigation for failing to declare supposed profits.

The scammer's profile: from fountain pens to crypto

Alvaro Romillo, the mastermind behind Cryptospain, was no novice in business, though he was new to cryptocurrencies. Before this episode, he was involved in selling high-end fountain pens in the European market until he disappeared from the sector to embrace the crypto frenzy. "He changed his business model when he saw the new trend was making money," reports note. His presence on YouTube, with interviews and promotional videos, was key to lending credibility to the farce. "He got massive hype," some victims ironize, now regretting not smelling the scam.

Law firms and victims: the business behind the business

The collapse of Cryptospain has generated a second wave: the lawyers offering to recover the money. According to conversations among victims, some law firms have requested an advance of 200 euros per client, causing discontent. "They charged in advance, and now that there is no money, they say nothing," complain those affected. The UCO (Civil Guard) has received multiple complaints, although there is no confirmation of arrests yet. Rumors circulate that Romillo may have fled to Latin America, but authorities do not confirm this.

Final irony: the name of the setup said it all

"Death on two legs" is the title of a Queen song that names the thread exposing the scam. A perfect metaphor for a walking dead who walked among his victims while promising riches. With the crypto crisis and public scrutiny, the bald fountain pen seller will go down in history as Spain's example that even the shabbiest scammers can raise 100 million.

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