Odaily Planet Daily reports that Spanish crypto KOL Álvaro Romillo (also known as CryptoSpain) has been ordered by a court to be detained without bail. He is accused of orchestrating a Ponzi scheme involving up to $300 million (approximately €260 million) through his organization, Madeira Invest Club (MIC). Prosecutors believe MIC defrauded approximately 3,000 victims. Romillo was arrested in Spain on Thursday after Spanish officials discovered a Singapore bank account that received €29 million, raising concerns about his flight risk. MIC allegedly promised investors high, fixed returns to entice them to invest in digital "art" contracts and luxury goods shares. (The Block)