Spanish crypto influencer Álvaro Romillo, also known as CryptoSpain, has been jailed without bail for allegedly running a $300 million Ponzi scheme through his investment club, Madeira Invest Club (MIC). The scheme reportedly defrauded over 3,000 investors by promising annual returns of 20% and involved luxury assets such as yachts, cars, and digital art. Authorities claim that Romillo used new investors' funds to pay earlier participants, a classic Ponzi scheme tactic. His arrest has intensified discussions about the dangers of influencer-led investment schemes in the cryptocurrency sector.