Canarian Crypto Mafia Leader Hiding in Dubai After Scamming €370 Million
By Carlota Barcala – Las Palmas de Gran Canaria, July 1, 2025
A massive cryptocurrency scam that has shocked investors worldwide is at the center of a high-profile criminal investigation focusing on a Canarian man who reportedly orchestrated the fraud from Gran Canaria before fleeing to Dubai. David Merino, born in 1987 in Las Palmas de Gran Canaria, is identified as the mastermind behind FX Winning, a crypto investment platform that amassed an estimated €370 million through fraudulent activities. Authorities consider this the largest crypto pyramid scheme trial in Spain to date.
A Global Fraud with Thousands of Victims
FX Winning, founded by Merino in 2020 in the historic Triana neighborhood of Las Palmas, quickly expanded its reach internationally through a Hong Kong-based corporate structure. The scheme allegedly targeted more than 5,000 victims—though the platform representing affected investors claims around 60,000 individuals worldwide—across upwards of 30 countries including Spain, United States, Panama, France, Costa Rica, Mexico, and Colombia.
The scam promised investors unrealistic returns of up to 60% on their contributions, luring in funds through a classic pyramid model—paying existing investors with money from new investors to maintain trust and sustain growth. This house of cards inevitably collapsed, leaving thousands robbed of their savings.
From Triana to Dubai: The Fugitive Leader
Spanish law enforcement’s Central Operational Unit (UCO) places Merino as the criminal organization’s leader and primary architect. Uniquely, he remains at large, reportedly residing in Dubai to evade arrest—unlike several key associates who have been apprehended, including three in Gran Canaria and one in Madrid.
UCO’s investigative report confirms Merino’s flight to Dubai after allegedly siphoning off 4,000 bitcoins—valued at approximately €367 million on Monday’s exchange rates—alongside €3.3 million in bank transfers. The combined total of approximately €370.4 million represents roughly 80% of the scam’s proceeds.
Lavish Lifestyle and Complex Corporate Schemes
Merino utilized the defrauded funds to finance a luxurious lifestyle, including the purchase of expensive real estate and luxury goods in the United States. In 2022 alone, he acquired luxury watches worth $1.2 million and multiple Miami properties totaling nearly $10 million. These purchases were made via Pribabe LLC, a company administered by Patrick Schilling Fuentes, another individual implicated by the Guardia Civil.
Beyond FX Winning, evidence suggests Merino played pivotal roles in other large-scale crypto scams such as Arbistar and Algorithmics Group. Law enforcement indicates that his involvement in these schemes marks a pattern, hinting his deliberate “modus vivendi” is engaging in fraudulent crypto operations.
To obscure his tracks and launder money, Merino reportedly labelled transactions as loans distributed among intricate domestic and international corporate structures. One such example includes transferring $2.3 billion to Cobera Automotive INC, suspected of being a front company, along with a $1 million investment in Cobera Motors KFT.
Ongoing Legal Pursuits and International Coordination
The judicial probe is being conducted by the Investigation Court No. 6 of Spain’s National Court (Audiencia Nacional). In addition to the arrests of Merino’s key collaborators, investigations continue in the United States, where authorities are examining FX Winning and associated entities over allegations of fraud amounting to $100 billion.
Meanwhile, the Guardia Civil’s “Operation Borrelli” remains active in pursuit of Merino and others involved in this sprawling crypto crime network. The case serves as a stark reminder of the growing risks investors face in unregulated digital currency markets and the persistent sophistication of international financial crimes.
Tags: Cryptocurrency, FX Winning, David Merino, Canary Islands, Fraud, Pyramid Scheme, Guardia Civil, UCO, Dubai, International Crime