Spanish police have successfully dismantled a Bitcoin-themed pyramid scam, uncovering a fraudulent network that swindled around$32.6 million from unsuspecting victims.

According to the National Police Corps (CNP), eight individuals were arrested, including the mastermind, a computer programmer detained in Malaga. The scam targeted over 3,600 people, mostly in Spain, but extended its reach to 36 countries.

The group operated a seemingly legitimate platform offering various Bitcoin investment plans. Promoted through websites and social media, victims were promised significant returns, with some reportedly offered dividends of 40% in just a month.

However, once funds were invested, obstacles were fabricated to delay or prevent withdrawals.

The police first uncovered the operation in 2022, following a report from a victim in Murcia. Their investigation revealed the scam's pyramid structure, where older investors were paid with funds from newer ones.

Some victims were even tricked into handing over control of their devices for crypto transfers.

In total, the fraudsters amassed approximately 400 Bitcoin and created a worthless token for investors. Authorities have since frozen 73 bank accounts, seized cars, and impounded various assets as part of the investigation.

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