FX Winning Scam: Cryptocurrency Fraud Uncovered in Gran Canaria
The Central Operational Unit (UCO) of the Guardia Civil has arrested five people, most of them from the Canary Islands, in an operation against a criminal organization linked to money laundering, fraud, and misappropriation. The operation is being carried out by agents specializing in economic crime from the UCO, who arrived from Madrid and conducted several searches since early Wednesday morning in Las Palmas de Gran Canaria.
How the Ponzi Scheme Operated
The case focuses on a cryptocurrency investment platform called FX Winning, which allegedly operated as a Ponzi-type pyramid scheme. This fraud involved offering high profitability to investors, paying them with funds from new clients rather than actual profits. The five detainees will appear in court between Thursday and Friday, accused of fraud, misappropriation, money laundering, and membership in a criminal organization.
Investigation and Coordination
The case is being coordinated by Central Examining Court number 6 of the Audiencia Nacional. The investigation, currently under secrecy, is being conducted in collaboration with the Citizen Security Unit (Usecic) of the Las Palmas Command. The UCO is focusing on dismantling a digital asset scam that has affected over 500 people, many in the Canary Islands, with the number of victims potentially higher.
Months of Surveillance Lead to Arrests
The criminal network, with branches in Gran Canaria, had been monitored for months. The operational phase began on Tuesday, with searches and arrests primarily in the capital of Gran Canaria. Agents specializing in money and cryptocurrency tracking are involved in the case.
The Mastermind Behind FX Winning
The cryptocurrency platform Forex FX Winning was created in April 2020, allegedly by David M. Q. from Gran Canaria. He is believed to be behind the companies comprising FX Winning, as well as others like We Are Turbo and TWT Advisors. Victims report that these companies attracted investments even in countries like Mexico and Colombia.
False Promises of High Returns
FX Winning promised investors an annual return of 60% through the cryptocurrency USDT or Tether, which is pegged to the US dollar. The platform used an algorithm to lure victims into what turned out to be a fraudulent scheme.
