A Spain based crypto Ponzi scheme, Arbicorp abruptly froze accounts of more 120,000 investors on September 12, after the discovery of an error that causes one of its cryptocurrency trading bots to overpay. Arbicorp claims that the error, which went unnoticed for almost a year, led to its trading bot called Community Bot, to pay 28% more in profits than were due.
Interestingly, despite incurring severe financial losses, Arbicorp management said they still went ahead with the overpayments for more than a month. However, Arbicorp assures investors in a statement that “no one will lose” and management even suggests that aggrieved investors that want to take legal action “can proceed.”
Yet in the same statement, the organisation reminds such investors of the terms and conditions of the investment agreement they signed. Part of the terms state:
“The client accepts that the use of our website or service is at own risk and