Arbistar’s CEO responds to allegations of fraud in an exclusive interview

Everything Arbistar-related has been causing a stir on social media since Monday September 14th. After the announcement of the freezing of the accounts of thousands of users due to an alleged defect in its “Community Bot”, allegations of fraud against the Spanish company emerged.

To have total clarity about the situation you are in, At Cointelegraph en Español, we have reached out to whoever is the Executive Director of Arbistar, Santi Fuentes, so that he can answer a few questions and give his position on the allegations of the Ponzi scheme that weigh on the company.

Can you prove the bug the “Community Bot” has?

It is not a demonstrable fact with a few lines of text or an explanation. Credit, exchange accounts, amount of Bitcoins as well as technical parameters and data that we will not publish would come into the scene for privacy and security problems.

Why did you realize this error so late?

Arbistar’s CEO responds to allegations of fraud in an exclusive interview
Arbistar’s CEO responds to allegations of fraud in an exclusive interview

The system of connections between the market and the platform has been overseen by a development team that no longer works for us from the date we discovered they had not done their job well. (August 1st).

Why did they advertise and get money from people for so long with a “buggy” bot or in a market that was not delivering the returns mentioned? Do you think they fell for misleading advertisements?

The bot is not flawed, the communication between its operations and what is displayed on the client’s screens is. From the moment the mismatch is detected (August 1st), we will block the issuance of payments (withdrawals) and begin to recognize when it occurred and how much the mismatch is. As of August 1st, there has been no advertising for the Community Bot on social networks, apart from the announcement of the shield, which was scheduled for December 31st.

How much money is controversial in total?

It’s an important figure, but it has nothing to do with the outrage that is being said in the media. You published it on a ballot without asking us for that number.

It must be said that this amount has already been sent to our customers’ wallets during this 40 week period (from October 2019 to July 2020). It’s not a number that the company stayed or disappeared. We mistakenly talk about prepayments. Logically we will not request a return as it is currently not ethical or appropriate. But if we want to regulate.

How long does it take for everyone to be paid?

It is intended that in approximately 12 months all of their contributions will have been reclaimed and made profit on the Company’s products under review.

Do you have any license to receive money from investors who promise a profit?

It is not necessary as it is cryptocurrency and it is not money by law. Nevertheless, the closure of the product also has to do with this aspect. Our company has many products where the customer has control over their digital assets. We have an exchange house, a token, automatic personal bots, a foundation, etc. We don’t want them to continue treating us as a scam platform and that’s why we’ve closed them.

There are rumors that lawsuits are being filed against Arbistar. Can you comment on this?

It is normal. Many people are scared and there is no shortage of opportunistic lawyers encouraging people to come together to report. We did not commit any crime as we are returning the digital assets deposited by our customers. There is no fraud, no embezzlement. All these platforms do is make money from whoever created them. Because in the end all customers will pick up directly from our company, whether they claim it or not.

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