PANews reported on June 4th that, in keeping with CriptoNoticias, Spanish citizen David Merino was arrested in Dubai on suspicion of main the cryptocurrency Ponzi scheme FX Profitable. This scheme is the largest cryptocurrency-related Ponzi scheme in Spanish historical past, involving over €460 million and affecting roughly 15,000 traders. Merino operated the scheme behind the scenes after formally leaving the firm in 2021, attracting funds by promising excessive returns on foreign exchange and cryptocurrency investments. Its working mannequin concerned utilizing funds from new traders to pay earlier traders, and the scheme operated in roughly 30 international locations.
Spain usually has 15 to 40 days to submit extradition paperwork to the UAE. Moreover, FX Profitable can also be underneath investigation in the US and Mexico, with the US Drug Enforcement Administration (DEA) believing the scam involves $100 billion. Merino launched a video in March 2026 denying dealing with different individuals’s funds and pointing the finger at different members of his staff. The Spanish Nationwide Securities Market Fee has warned FX Profitable since 2021 that it was not licensed to supply funding providers.
