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FX Winning Founder David Merino Arrested in Dubai Over Spain's Largest Crypto Ponzi Scheme Worth €460 Million

GateNews
Enforcement ActionsSecurity Incidents
According to CriptoNoticias, David Merino, a Spanish citizen, was arrested in Dubai for allegedly leading FX Winning, Spain's largest cryptocurrency-related Ponzi scheme. The scheme resulted in losses exceeding €460 million and affected approximately 15,000 investors across roughly 30 countries. Merino operated the scheme from behind the scenes after formally leaving the company in 2021, using promises of high returns from forex and cryptocurrency investments to attract funds, then paying early investors with money from new participants. The U.S. Drug Enforcement Administration has indicated the scheme involved $100 billion and is under investigation in the United States and Mexico.
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