Spanish police uncover 20,000 bitcoin transfers in Arbistar fraud case

Spanish law enforcement has revealed that digital wallets associated with the collapsed crypto platform Arbistar moved over 20,000 bitcoin, amounting to more than $1.1 billion at the time of transfer. The funds, now valued at approximately $1.6 billion, were traced in the aftermath of the platform’s abrupt shutdown. Operated by Arbicorp from southern Tenerife, Arbistar marketed itself as an automated crypto trading scheme, promising weekly returns of around 28%. In September 2020, the company abruptly froze investor accounts, citing an alleged failure in its trading bots.