On March 18, according to Cryptonews, the Spanish police announced that they had successfully dismantled a pyramid scheme fraud related to Bit, causing losses of around $32.6 million to the victims. The police arrested eight suspects, but it is estimated that more than 3,600 people have suffered losses in this fraud.

The Economic and Financial Crime Unit of the National Police Force said that the mastermind of the criminal network was a "computer programmer" who was arrested in Malaga. In addition, the police also carried out arrests in Murcia and Madrid, arresting suspects of various nationalities and professions, including marketing experts and web designers.

This criminal group had set up an "apparently legitimate platform" to provide Bit investment packages to customers. They advertised the products on major websites and many social media. The fraudsters also deceived some "victims" into giving them control of their electronic devices to "transfer electronic money" and steal their personal information and bank accounts.

During the investigation, the police discovered a complex investment network using the money of new investors to pay the profits to old investors. Some "victims" signed contracts with clauses promising to pay "40% of the profits" after one month and up to "300% after one year."

Finally, the police traced the fraud chain and discovered thousands of victims from 36 countries.