Arbistar Ponzi Scheme Wallets Moved Over $1.1B in Bitcoin After Collapse: Report

However, the latest Guardia Civil report details how digital assets were actively maneuvered to obscure fund trails. Investigators discovered that right as the platform collapsed in September 2020, approximately 881 bitcoin was siphoned into external wallets.

Ongoing Money-Laundering Probes

The movement of funds escalated dramatically months later. Between January and March 2021, wallets linked to key defendants registered massive inflows and outflows collectively exceeding 20,000 bitcoins, valued at more than $1.1 billion at the time based on bitcoin’s price on March 31, 2021—or about $1.6 billion worth today.

Spanish prosecutors in 2020 said that roughly $1 billion worth of investor funds were unaccounted for. Authorities noted these transactions were funneled to individuals within the administrators’ inner circle without any legitimate operational precedent, heavily pointing to an asset-concealment operation.

The ongoing financial tracing runs parallel to criminal proceedings that have already brought down the platform’s core leadership.

Founder Santiago Fuentes Jover and partner Diego Fernández Nojarova faced prosecution for aggravated fraud, document falsification and membership in a criminal organization. Following initial sentencings, the Appeals Chamber of the Audiencia Nacional levied heavy prison terms, hiking sentences to 16 years and 11 years, respectively.

With multiple individuals formally named in the ongoing money-laundering probe, Spanish authorities continue their efforts to fully track the extensive cryptocurrency network tied to the defunct Tenerife enterprise.