Alleged €30 Million Bitcoin Pyramid Scheme by Bit4all Raises Concerns in Portuguese Crypto Community

Lisbon, Portugal – The Portuguese cryptocurrency community is grappling with the fallout from an alleged €30 million Bitcoin pyramid scheme linked to the platform Bit4all, which reportedly defrauded thousands of investors. This development casts a shadow over recent expressions of "Portuguese pride" in the nation's burgeoning crypto ecosystem, as highlighted by a prominent social media account.

The official "BITCOIN PORTUGAL 🇵🇹 ₿" account recently posted on social media, proclaiming "Go Portugal! 🇵🇹 O orgulho Português @diogomonica," and notably included "@Bit4all" among other positive hashtags like #EmbraceTheFuture and #BitcoinGeneration. This sentiment of national pride in the crypto space now stands in stark contrast to the emerging allegations.

According to recent reports from March 2025, the Spanish National Police intervened in Bit4all, accusing the platform of orchestrating a pyramid scheme. The alleged fraud involved approximately 400 Bitcoins, with a total value of €30 million, impacting 3,646 victims across 36 countries, including 2,718 residents in Spain. Bit4all reportedly offered a high-yield investment plan based on leasing Bitcoins for a 12-month period.

Portugal has generally maintained a crypto-friendly stance, evolving into a significant European crypto hub. The nation's regulatory framework, overseen by the Banco de Portugal for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) purposes, saw a notable shift in 2023 with the introduction of a 28% tax on short-term crypto gains (under one year), while long-term holdings remain tax-exempt.

Amidst these developments, Portuguese-American entrepreneur Diogo Mónica, co-founder and President of Anchorage Digital, remains a key figure in the global institutional crypto landscape. Anchorage Digital, the first crypto-native company to receive a federal banking charter in the U.S., maintains a strong presence in Portugal with offices in Porto and a significant local workforce, focusing on secure digital asset solutions for institutions. Mónica was recently recognized as "Angel of the Year 2024" by Investors Portugal for his contributions to the startup ecosystem.

The alleged Bit4all scheme underscores the persistent risks within the less regulated segments of the cryptocurrency market, even as established entities like Anchorage Digital advocate for regulated institutional participation. Such incidents are likely to intensify scrutiny and further shape the implementation of comprehensive regulatory frameworks, including the European Union's Markets in Crypto-Assets (MiCA) regulation, in Portugal and across Europe.