The crime script of cryptocurrency investment fraud in Spain

• In Event: Crypto & Darknet

Abstract

In recent years, cryptocurrencies have emerged as an innovative payment tool but also as a resource exploited by criminals to maximize profits and evade detection. Bitcoin, the most widely used cryptocurrency, facilitates decentralized, low-cost international transactions and easy currency conversion.
In Spain, cryptocurrency-related investment fraud has risen significantly. High-profile cases like "Arbistar" highlight the increasing sophistication of scammers, who use advanced social engineering tactics and deepfake technology.
Crime scripts, based on situational crime prevention theories, break down crimes into sequential steps, identifying intervention points. This study develops a crime script for cryptocurrency investment fraud, adapting Cornish’s (1994) model to the Spanish context.
The methodology involves content analysis of Spanish legal rulings (2018–present), relevant news, and expert interviews.
As a result, a crime script has been obtained with nine key steps: (1) Preparation (creating fake profiles and platforms); (2) Entry (targeting victims via social engineering); (3) Precondition (ensuring victims have financial resources and lack cryptocurrency knowledge); (4) Instrumental precondition (using fake success stories and small initial withdrawals); (5) Instrumental initialization (victims create accounts and provide scammers access); (6) Instrumental actualization (encouraging larger investments with fake gains and forged documents); (7) Doing (major investments before access is blocked); (8) Post-condition (misleading victims with fees or legal pretexts to recover funds); and (9) Exit (scammers disappear, laundering money through multiple transactions).
This study provides a valuable tool for the prevention of this crime, offering insights into strategies to mitigate cryptocurrency fraud and protect potential victims from increasingly sophisticated schemes.

Author

• Patricia Saldaña-Taboada, University of Málaga