Barcelona court launches criminal investigation into $3.4M Shirtum Europa SLU NFT scam

A Barcelona court has launched a criminal investigation into a $3.4 million Barcelona footballers NFT scam involving Shirtum Europa SLU, a cryptocurrency firm

A Barcelona court has launched a criminal investigation into a $3.4 million non-fungible token (NFT) scam that allegedly defrauded investors in a cryptocurrency firm, and involved high-profile footballers.

The probe by Barcelona’s Fifth District Court follows a lawsuit filed by 12 investors early this year, claiming they were defrauded by Shirtum Europa SLU in a scheme that also involved football stars.

The lawsuit, first reported by Spanish publication El Periodico, claims that investors lost at least €3 million ($3.4 million).

The NFTs, which were advertised as exclusive digital collectibles linked to footballers’ image rights, were sold for over €450 ($513) using the company’s $SHI token. However, the platform failed to deliver a functional product, and funds were allegedly diverted for personal use before the project collapsed.

Shirtum Europa SLU’s cryptocurrency project was promoted by several footballers, including World Cup winners Alejandro "Papu" Gómez and Lucas Ocampos, as well as Ivan Rakitic, Nico Pareja, Alberto Moreno and Javier Saviola.

The Spanish prosecutors claim that Shirtum used the footballers to gain credibility, presenting them as "founders" or ambassadors for the project.

The lawsuit names Manuel Ángel T.P., his son Marc T.G., Manuel M.P., and David R. as the primary orchestrators of the scam, while the footballers are accused of promoting the fraudulent venture.

Up to 11 alleged crimes, including fraud and tax evasion, are listed in the case, but the players are not considered the main perpetrators.

The footballers, mainly former Sevilla FC players who also played for Barcelona, are being investigated for their promotional roles in the Shirtum project.

According to lawyer Ricardo Oliva León of Algoritmo Legal, who is handling the case for the investors, the footballers’ endorsements were crucial in lending legitimacy to the project.

The project, which was promoted as a digital platform for trading football-themed NFTs and integrating with the metaverse, is said to have begun in late 2021 with the launch of the $SHI token.

However, investors claim they received no value for their investments, and that Shirtum Europa was allegedly "emptied" of assets.

This case also highlights broader trends in Spanish football, where a ban on gambling ads in La Liga has led clubs and players to forge partnerships with cryptocurrency firms.

For instance, FC Barcelona has issued its own NFTs and sold a 24.95% stake in Barca Vision to blockchain firm Socios for €100 million.

The Shirtum case underscores the importance of transparency and delivery in such ventures.

The investigation, which began on June 10, is being overseen by Barcelona’s Court of Instruction No. 5.

The court will determine if the footballers’ involvement went beyond promotion and if they were aware of the project’s fraudulent nature.

No formal charges have yet been filed against the players, but the case could redefine how celebrity-endorsed crypto projects are viewed and regulated.

A Spanish financial regulator, speaking to Reuters, noted, "The case highlights the need for stricter oversight in sports-crypto collaborations."

The scandal may also drive calls for enhanced regulations on crypto endorsements, as investors and authorities push for greater transparency in the rapidly evolving cryptocurrency sector.