What is the ‘crypto sect’ capturing young people in Spain?

Thousands of young people attend an event on cryptocurrencies organized by IM Mastery Academy, which investigates possible pyramid schemes

Nearly 10,000 young people from all over Europe gathered at the Olympic Palace in Badalona (Barcelona) over the weekend for a rather controversial cryptocurrency conference. The organizing company, IM Mastery Academy, is currently under investigation for alleged pyramid schemes and cult-like recruitment practices.

What happened
Those attending the camp, who had to pay nearly 200 euros per ticket, came together on Saturday to praise the usefulness of these financial assets. However, due to numerous complaints about the event, the group banned all participants from speaking to the media or communicating with the outside world during the event.

The sponsor of the event is a U.S. company that defines itself as a “leading online financial education platform” offering courses on cryptocurrency investing. According to its website, the allegations focus on the company defrauding students, who pay between 170 and 270 euros per month, in addition to tuition fees that can sometimes reach 300 euros.

So far, police have arrested eight people at the company for alleged fraud, misleading advertising and belonging to a criminal organization. According to reports, key leaders alone may be responsible for the direct and indirect recruitment of about 2,500 people.

Promised to turn them into “Wolf of Wall Street”
Members of the “crypto sect” allegedly persuaded young people, sometimes minors, to promise easy money and turn them into “Wolf of Wall Street” after training them in financial investments and conducting businesses not permitted in Spain “idea.

According to police sources, the young people arrested were (and still are) manipulated by the same technique used by some denominations, called “coercive persuasion”, to make them feel “privileged” and “misunderstood” by people who do not belong to the religious group.​ “closed” environment. “As psychologist Jose Miguel Cuevas told Heraldo.

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