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Spain reject the release of Algorithms CEO. from prison

One of the most notorious cases of alleged bitcoin (BTC), ether (ETH), and litecoin (LTC) pyramid scams committed in Spain has reached a new chapter in its history.   Javier Biosca Rodríguez, alleged perpetrator of the crimes of continuous fraud and money laundering for investments in crypto assets through his company Algorithms Group, was arrested nine months ago and will be released from prison after posting a bail of 1 million euros. 

The measure was taken by the Criminal Chamber of the National Court because it considers that there are no causes to keep Biosca in prison, as reported by the Association of People Affected by Cryptocurrency Investments (AAIC). However, the decision has not been taken in a good way by those affected, especially by the lawyer defending the victims, Emilia Zaballos.   Zaballos, also president of AAIC, had tried several times to prevent Biosca's release. However, a few days ago, she even expressed that the prosecution had biased handling, something that may have influenced Biosca's release. In the days before the court's decision, the lawyer said that the prosecutor Pedro Rubira had left them and those affected "perplexed" because "he has gone from defending the case to death, due to its seriousness, to changing his position by 180 degrees", she said in a statement to a local media. 

"That has happened after holding meetings with Javier Biosca's lawyers. He has sided with them. Our distrust is manifest," Zaballos explained. For the lawyer, it makes no sense to ask for the freedom of someone who is being investigated for a multimillion-dollar fraud with a bail of 1 million euros. "For Biosca, that is a slight change (of little value).

Moreover, money is not his because only four years ago, he had no fortune whatsoever. Therefore, his release would be an invitation to abscond." In 2021, when CryptoNews reported on the Algorithms Group case, it was said that there were 300 people affected by the scam and that they had lost 250 million euros. From that time until today, victims were added to the list, reaching 700 people involved, increasing the amount of money defrauded, reaching €818 million.  

Zaballos affirms that Biosca has the funds. 

Recently, the defense lawyer Emilia Zaballos, in a statement to Radio Onda Vasca, explained that the lawsuit was against Biosca and his wife Paloma Gallardo and his son Sergio Biosca Gallardo.   In addition, he made known that Biosca presented a written statement assuring that he had the funds to pay all those affected only if they withdrew the complaint. "During the proceeding, he appeared insolvent in all his bank accounts, which means he has the crypto assets in cold purses," Zaballos explained.   "Imagine what that means; Biosca declares himself insolvent, but look at the number of cryptocurrencies he has," he expressed. 

So far, it is unknown the judicial measures that the victims will take through Zaballos. For his part, Biosca will be on probation and must report to the court every 15 days, hand in his passport, and if he changes his address, he must inform the court. Additionally, he is forbidden to leave Spanish territory. Algorithmics Group started in 2019 with the real-time buying and selling of cryptocurrencies. At that time, the defendant offered a weekly interest of 20-25% in profit for investment in cryptocurrencies. Investors for a long time received this interest, which was attractive to other people. The accused claimed to be a broker, although his alleged firm Algorithms Group was never registered with the CNMV (Comisión Nacional del Mercado de Valores). 

The alleged company came to manage more than 3,000 investors. These people put several million euros into the business. All this operated manually, through a single computer, then the problems started, and Biosca stopped paying some investors, while others were paid twice. There were also delays with payments, and traditional banks began to put obstacles until he was arrested in the city of Malaga in southern Spain in June 2021.

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