The death of Javier Biosca in 2022 closes a chapter of massive cryptocurrency fraud

On November 22, 2022, the world of cryptocurrencies witnessed an unexpected turn when Javier Biosca, the architect of one of the largest financial scams in recent history, died under circumstances that still raise questions today. This case represents one of the most significant scandals involving cryptocurrency fraud, leaving behind a trail of ruined investors and unanswered questions.

The incident in Estepona and the unresolved mystery

Javier Biosca was staying at a golf country villa in Estepona, Spain, when he fell from the balcony of his apartment around 11:15 am. A worker at the complex discovered his body after hearing the impact of the fall. Authorities, through the National Police, launched an investigation into the incident, although at the time they did not rule out or find evidence of intentional criminality.

What drew many’s attention was the context in which this death occurred: just three weeks earlier, Biosca had been released on a 1 million euro bail after his arrest for fraud and embezzlement. His lawyer, Emilia Zaballos, publicly expressed her suspicions about the nature of the events, suggesting that criminal organizations linked to his illicit operations could be involved.

The fraudulent empire of Algorithmics Group

Javier Biosca was the mastermind behind Algorithmics Group, an unregulated operation that was never registered with Spain’s National Securities Market Commission. Between 2019 and 2021, his fraud network attracted over 750 investors, accumulating approximately 500 million euros in victim funds trusting their savings to his promises.

The scheme’s structure was sophisticated and almost irresistible to many: Biosca offered guaranteed returns of 20-25% weekly on cryptocurrency investments, later reducing the promise to 10% when he needed to adjust expectations. Despite these extraordinary rates that should have set off all fraud alarms, many highly qualified professionals fell into the trap.

Promises of high returns that ensnared professionals

What made this case especially surprising was the composition of the victims. Among the deceived investors were judges, notaries, and tax inspectors: professionals who, due to their expertise, should have recognized warning signs. Some invested their entire life savings, while others deposited extraordinary sums, with some cases reaching up to 20 million euros in a single investment.

This broad fund-raising effort transformed Algorithmics Group into a massive operation, demonstrating how promises of extraordinary returns can influence even experienced professionals’ judgment.

Doubts about the circumstances of his death

Javier Biosca’s arrest in June 2021 marked the start of a legal process that seemed to directly confront the crimes committed. However, his death less than a week before what was expected to be a final sentence left many questions unanswered about whether deeper connections existed between his fraudulent operation and external criminal actors.

The suggestions from his lawyer regarding the possible involvement of criminal organizations remain unconfirmed, and Javier Biosca’s case adds to other controversial episodes in the history of cryptocurrency scams where the final circumstances generate speculation within the crypto community.