Spanish Crypto Influencer Álvaro Romillo Jailed Without Bail Over $300 Million Fraud Case

MADRID, Nov 10 2025 – Spanish authorities have jailed crypto influencer Álvaro Romillo without bail in connection with an alleged Álvaro Romillo crypto fraud scheme worth about $300 million, according to court documents seen by Reuters. The Spanish National Court, or Audiencia Nacional, ordered his detention after prosecutors warned he could flee or tamper with evidence.

Prosecutors said Romillo operated an online network called Madeira Invest Club (MIC) that promised returns of up to 20 percent a year and defrauded more than 3,000 investors. The group presented itself as a private club investing in digital art, gold, and luxury goods. In a written filing, prosecutors said MIC promised guaranteed profits and buy-back options, raising about €260 million before authorities intervened.

Spain’s Economic Crimes Unit said investor losses exceed $300 million. The network reached more than 10,000 people across Spain and Latin America. Police said many victims were retirees or small business owners who joined after following Romillo’s online sessions.

Officers seized cryptocurrency wallets, luxury vehicles, jewelry, and properties in Madrid, Málaga, and Marbella valued at more than €14 million. The Interior Ministry confirmed the assets are now under judicial custody while investigators track remaining funds through international accounts.

🔴 La Audiencia Nacional envía a prisión a Álvaro Romillo, conocido como 'CryptoSpain', el empresario que financió la campaña europea de Alvise Pérez

▪️ Se le acusa de presunta estafa piramidal por criptomonedas, con una cuantía cercana a los 260 millones

🎙️@gema_alfaro pic.twitter.com/NdWvSlVcKL

— Radio 5 (@radio5_rne) November 7, 2025

Court filings show Romillo faces charges of aggravated fraud, money laundering, and criminal conspiracy. He appeared before Judge José Luis Calama, who approved his detention after investigators found a hidden €29 million Singapore-based account linked to the scheme.

Romillo’s lawyer said his client denies wrongdoing and plans to cooperate with investigators. “These were legitimate educational ventures that suffered losses during market volatility,” he told reporters. The defense said Romillo intended to reimburse around 2,700 investors, though no supporting documents were shown.

The lawyer added that Romillo stayed in Spain voluntarily after learning of the investigation, arguing this proved he was not a flight risk. Prosecutors disagreed, citing offshore accounts and prior attempts to move funds to digital wallets under false names.

Romillo, 34, became well-known during the 2021 crypto boom through YouTube and Instagram, where his verified channels had more than 200,000 followers. His videos displayed trading dashboards, testimonials, and screenshots of apparent profits. Many viewers believed they were watching real trades and invested accordingly.

Authorities said Romillo’s social-media presence gave him direct access to retail investors chasing quick profits. Investigators said he built trust through daily livestreams and private chat groups where he offered investment tips in exchange for membership fees.

Spain’s National Police said they are working with Europol and Interpol to trace funds moved through Dubai, Singapore, and Panama. A senior official told Reuters the network used privacy coins and offshore exchanges to obscure transfers. “We are following the blockchain trail step by step,” the official said.

Investigators also identified several local promoters who allegedly recruited new members and earned referral bonuses. Seven people in Madrid and Barcelona have been questioned, and police said more summonses are expected.

Financial investigators said the group used multiple shell companies to handle deposits before converting the funds into stablecoins and moving them through decentralized exchanges. Authorities are now mapping wallet addresses tied to those flows.

The case comes as the European Union begins enforcing the Markets in Crypto-Assets (MiCA) framework, which introduces licensing and transparency rules for crypto firms. The new regulation requires clear risk disclosures and bans misleading promotions. Officials said the Romillo investigation shows why stronger compliance is needed as unlicensed actors continue to target retail investors.

Spain’s financial regulator, the CNMV, has warned repeatedly about online personalities offering investment products without registration. “Unregistered actors still exploit investor enthusiasm through social-media promises,” a CNMV spokesperson said. The regulator said cooperation across EU jurisdictions is essential to stop cross-border fraud.

Romillo remains in custody at Madrid’s Soto del Real prison while prosecutors compile bank records, blockchain histories, and digital communications. A hearing to determine potential restitution measures is expected early next year. Officials said the case could become Spain’s largest crypto-related prosecution once all evidence is reviewed.

For thousands of investors, recovery may depend on locating assets spread across multiple jurisdictions and digital wallets. Authorities said tracing those funds will require months of forensic blockchain analysis and coordination with overseas regulators, see our guide to the best crypto platforms of 2025.

Recap

• Álvaro Romillo jailed in Spain over a $300M crypto fraud case.
• His firm, Madeira Invest Club, promised 20% yearly returns.
• 3,000+ investors were defrauded across Spain and Latin America.
• Police seized crypto wallets, cars, and luxury properties worth €14M.
• The case aligns with the EU’s new MiCA crypto regulations.