Police in the city of Buenos Aires, the capital of Argentina, led an operation against a bitcoin pyramid that stole $1 million from investors in the country. The scam is one of the largest in the region in recent years.
The operation managed to arrest four people and dismantle a criminal organization that perpetrated Ponzi scams and harmed at least fifty people.
Personnel from the Criminal Organizations Investigation Department, belonging to the Organized Crime Department of the city police, carried out the procedures together with members from the Buenos Aires province. The searches took place in four houses in Buenos Aires.
The organization attracted customers with the promise of monthly dollar returns of up to 12%.

Buenos Aires Minister of Justice praises operation against bitcoin pyramid operating in the city
The case was organized by Prosecutor Musso, responsible for the Fiscal Unit Specialized in Cybercrime Investigation (UFEIC) in San Isidro. The Argentine court also released the order for the operation last Thursday (28).
“It is a great job carried out with professionalism by the city police, together with the Public Prosecutor’s Office of Dr. Alejandro Musso, and I want to save this because there is no place for coups in this society. The living who want to defraud people should be arrested and brought to justice“said the Minister of Justice and Security of Buenos Aires, Gustavo Coria.
The pyramid was called ‘Real Capital’ and attracted investors with promises of profits associated with operations on the stock exchange and the cryptocurrency market. To convey credibility, leaders always presented themselves as “trustworthy partners.”
However, in recent months, investors have been unable to withdraw their amounts, raising suspicions of ongoing fraud.
According to Prosecutor Musso “the Ponzi scheme is a system developed from the beginning to obtain capital from people, it is sweetened with investments with an income between 8 and 12% in dollars, injecting and preserving the capital over time, until all is discovered with abrupt withdrawal of capital“.
The police want to track down cryptocurrencies from criminal organizations
Everything indicates that the leaders of the criminal organization, after capturing the victims’ money, hid amounts in cryptocurrencies. Therefore, the Buenos Aires Police want to check all seized documentation in search of the suspects’ private keys and cryptocurrency addresses.
Police also kidnapped six computers, including a notebook and desktop, ten mobile phones, two flashlights, two tablets, three memory cards, an external hard drive and a money counting machine, among other documents.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.