Spanish police have arrested Álvaro Romillo Castillo, aka “Cryptospain,” suspected of running a $300 million crypto pyramid scheme that defrauded over 3,000 investors.

The scheme, operating through the Madeira Invest Club, promised 20% annual returns and claimed to invest in real estate, luxury goods, and cryptocurrencies. Investigators found no legitimate business activity; funds from new investors were used to pay older participants. Castillo has been denied bail and is considered a flight risk.