Spanish Police: Over $1.1 Billion in Bitcoin Transferred from Wallets After Arbistar Collapse

On Oct. 27 that, according to Bitcoin.com News, the Spanish National Guard discovered during an investigation into cryptocurrency platform Arbistar that substantial Bitcoin transfers continued in digital wallets linked to the now-defunct company following its collapse. The investigation revealed that approximately 881 Bitcoins were transferred to external wallets when the platform imploded in September 2020; between January and March 2021, wallets connected to the primary defendants collectively processed inflows and outflows exceeding 20,000 Bitcoins, valued at over $1.1 billion based on the Bitcoin price on March 31, 2021.

Spanish authorities characterized the platform as a Ponzi scheme affecting up to 32,000 investors, with prosecutors stating in 2020 that approximately $1 billion in investor funds went unaccounted for. Founder Santiago Fuentes Jover and partner Diego Fernández Nojarova were sentenced to 16 and 11 years in prison, respectively.