SPANISH ENTREPRENEURS DEMANDED FOR ALLEGED SCAM OF 5 MILLION EUROS IN CRYPTOCOINS

A businessman of Spanish nationality has been accused of allegedly cheating five investors for an amount that amounts to almost 5 million euros in cryptocurrencies.

Miguel Juan Pavón Besalú, director and administrator of Bitcoin Investors Trust, dedicated to investing in cryptocurrencies such as Bitcoin and Litecoin, faces what is very possibly the first judicial case involving cryptoactives in Spain.

According to a local media, there are more than a dozen dissatisfied investors behind several lawsuits against Pavón, as they demand a total of 3000 litecoins, 1200 ethers and 5.82 bitcoins that were invested since 2015. Those affected say no have received a return on investment or the restitution of their capital. The equivalent amounts to about 5 million euros in these cryptocurrencies.