Manager of crypto platform OmegaPro arrested in Spain

Spanish authorities said Thursday they have arrested a senior manager of the now-defunct crypto trading platform OmegaPro, which allegedly defrauded investors of about $650 million.

Officers detained the unidentified man at a hotel in Tenerife in Spain's Canary Islands after routine checks aimed at tracking individuals wanted under international arrest warrants, the Civil Guard said in a statement.

The suspect is believed to have held a top management role within OmegaPro and was wanted by the FBI, the statement added.

OmegaPro, a cryptocurrency and foreign-exchange investment platform that promised investors returns of up to 300 percent, has been accused by US prosecutors of operating a $650-million global fraud that combined elements of a Ponzi scheme and a pyramid-style recruitment system.

Authorities allege OmegaPro used aggressive advertising campaigns, including promotional appearances by internationally known football players, to attract investors.

Created in 2018, OmegaPro began to unravel in late 2022, leading to a freeze of its funds.

Its website disappeared in July 2023, before investors could recover their money. Instead, they were offered the option to reinvest their funds in a new venture called Go Global.

The case is part of a wider international investigation into OmegaPro involving law enforcement agencies in multiple countries, including the United States, France and Spain, as authorities seek to identify those responsible and trace remaining assets linked to the alleged fraud.

Two managers of OmegaPro, a Dutch executive at the company and a Swede who was among its founders, were arrested in Turkey in 2024.