Leader of Spain's largest crypto scam FX Winning arrested in Dubai, with over 460 million euros involved
According to ChainCatcher and as reported by CriptoNoticias, Spanish national David Merino has been arrested in Dubai for allegedly leading the crypto Ponzi scheme FX Winning. This scheme is the largest crypto-related Ponzi scheme ever investigated in Spain, involving more than 460 million euros and impacting approximately 15,000 investors. After officially leaving the company in 2021, Merino continued to operate the scheme from behind the scenes, attracting funds by promising high returns on forex and cryptocurrency investments. Its operating model used funds from new investors to pay earlier investors, and the scheme operated in about 30 countries.
Spain typically has 15 to 40 days to submit extradition documents to the United Arab Emirates. In addition, FX Winning is also under investigation in the United States and Mexico. The US Drug Enforcement Administration believes the scheme involves $100 billion. In March 2026, Merino released a video denying he withheld other people’s funds and shifted responsibility to other members of his team. Since 2021, the Spanish National Securities Market Commission has warned that FX Winning is not authorized to provide investment services.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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