Tenerife Court Rules on Arbistar Crypto Fraud Compensation Amid Recovery Doubts
The Provincial Court of Santa Cruz de Tenerife has awarded nearly 900,000 euros to six victims of the Arbistar cryptocurrency fraud, though experts warn that limited liquid assets make actual recovery unlikely for the scheme's 32,000 affected investors.
A recent ruling by the Provincial Court of Santa Cruz de Tenerife has highlighted the legal complexities of the Arbistar case, one of Spain’s largest cryptocurrency fraud schemes. The court has confirmed that six victims are entitled to recover nearly 900,000 euros, based on the value of their digital assets when the lawsuit was filed in Arona in September 2021.
This decision reflects the different legal paths taken by the thousands of people affected. While most victims have pursued criminal charges—leading to prison sentences of up to 16.5 years for the ringleaders—a smaller group has sought compensation through civil courts. However, the Provincial Court also dismissed claims from eight other investors, ruling that their cases must be handled by commercial courts, consistent with Supreme Court guidelines on corporate liability.
Despite these legal victories, the chances of actually recovering the money remain slim. Experts, including lawyer Conchi Viera, who represents 1,800 victims in the criminal case, warn that there is very little liquid cash available. Furthermore, because the Public Treasury and creditors with existing criminal judgments have priority, it is unlikely that these civil rulings will lead to actual payouts.
The Arbistar case involves an estimated 200 million euros in losses and roughly 32,000 victims. As the case continues, a new investigation into money laundering has been added to the main proceedings. By clarifying jurisdictional issues, the Tenerife court is attempting to bring some order to a complex legal battle that has been plagued by fragmented resources and the risk of conflicting rulings.