Spanish Police Bust $32.6 Million Bitcoin Scam Spanning 36 Countries! Will it impact Bitcoin?

The Spanish government has uncovered a Bitcoin fraud that deceived over 3,600 people in 36 nations and caused almost $32.6 million in combined damages. Through aggressive online marketing, the scam guaranteed 40% monthly returns and 300% per year in an enticing lure for investors. Including a computer programmer apprehended in Malaga, the National Police Corps (CNP) apprehended eight people, one of whom is the ringleader. Specialists in web development and marketing were among the people further arrested in Madrid and Murcia.

Exposed Bitcoin scam: 3,600 victims cheated spread over 36 nations.

The fraudulent activity operated as a Ponzi scheme, where funds from fresh investors were used to pay previous participants and hence generate the appearance of profitability. Promoting the plan on social media, financial pages, and digital personalities helped it to gain legitimacy and deceive unsuspecting people into thinking they were making bona fide Bitcoin investments. Some victims even signed agreements, which helped to build trust with the site. Investigators found a sophisticated system of crypto wallets and shell companies used to launder stolen money as withdrawal requests soared.

The scammers created an advanced trading dashboard showing falsely huge returns to investors to help reinforce the appearance of legitimacy. Believing they were producing large returns, victims were told to reinvest their money. Withdrawals were stopped when the plan reached its maximum limit and the site vanished overnight. Spanish officials found the ringleaders and exposed a vast global network of illegal activities. The case emphasizes the increasing risks of crypto fraud since unregulated companies would rely on investor’s confidence. The investigation still continues as officials try to recoup lost money. Let’s have a look at the chart of Bitcoin to see what impact it has on the crypto market and explore Bitcoin price prediction for the coming sessions.

Bitcoin Price Prediction Amid Bitcoin Scam

The descending channel pattern on the March 18, 2025, Bitcoin (BTC) chart suggests a possible prolongation of the present trend should major support levels give way. Clearly marked about $84,600 to $84,800, Bitcoin reaches a top very near $82,947.63 before a minor withdrawal. The support range is being tested at $82,590 to $82,740, so keeping these levels is vital for Bitcoin to stay level. Bitcoin has in the past struggled to get above the upper resistance, hence contributing to price swings.

Chart 1: Analysed by vallijat007, published on TradingView, March 18, 2025

Technically, the Relative Strength Index is at 39.92, showing Bitcoin is near oversold territory. As the selling momentum decreases, this could show the possibility of a bounce or reversal. With historically bearish momentum, the MACD displays a death cross. But the golden cross created before suggests that, should it break through its present resistance, Bitcoin might attempt new peaks. To validate a higher breakout or break below support for more downside, traders should look at the range created between the levels of $83,200 to $83,400.

Bitcoin Fraud Rising as Bitcoin Faces Key Resistance Levels

The Bitcoin scam underscores the rising danger of crypto fraud as well as the call for more strict rules. The case reveals how fraudsters leverage Ponzi schemes and counterfeit trading sites to deceive investor trust. Though eight suspects have been taken into custody by Spanish authorities, the inquiry goes on to find the stolen money. Bitcoin scam put Bitcoin in still highly volatile state, with resistance at $84,600 and support at $82,590. Since the market is still volatile, traders should be vigilant for breakout signs. Investor knowledge and governmental supervision are absolutely necessary to avoid more financial loss as crypto scams keep growing.