Arbistar CEO handed suspended sentence; plaintiffs seek review of verdict

The lawyer Carlos Aranguez, representing the interests of 130 users of the Arbistar 2.0 cryptocurrency project, called on Spanish authorities to change the ruling in the case of the company’s head Santi (Santiago) Fuentes. This was reported by the agency elDiario.es.

In October, the Arbistar 2.0 CEO was detained on charges of fraud and money laundering. The court sentenced him to a suspended sentence, banned him from leaving Spain and seized his passport.

The lawyer for Arbistar 2.0 users argued that the punishment did not fit the gravity of the crime. According to him, the plaintiffs lost $4.8 million, and the country “has faced the largest computer fraud” in its history.

“We demand pre-trial detention for Santiago Fuentes, to recover the savings […] It is unacceptable for the courts not to respond to such a fraud,” said Aranguez.

In September, Arbistar 2.0 halted its trading bot Community Bot, allegedly due to an error, blocking the accounts of 32,000 clients. The damage was estimated at $1 billion, and Arbistar 2.0 was suspected of an exit scam.

Subscribe to ForkLog’s channel on YouTube!