The Court of Appeal Massachusetts refused to satisfy the complaint of a local resident named Lorenco Garcia to the Spanish bank Santander and refused to return $ 750,000, lost by the investor due to fraud with cryptocurrency.

Garcia tried to bring Santander to justice that the bank did not intervene when the investor conducted a series of large translations. As it turned out, the transfers were associated with a fraudulent crypto platform called Coinegg.

Garcia claims that from December 13, 2021 to January 4, 2022 he made two online transactions with a card through the Crypto.com platform and conducted seven bank transfer departments for a total of $ 751,500. The funds were sent through Metropolitan Commercial Bank of New York, and then They were used to buy cryptocurrency, which was ultimately sent to CoineGG.

Subsequently, Garcia could not return the invested funds. In his lawsuit, he referred to the provisions in the Santander agreement on a personal deposit account. It stated that in case of suspicious transactions the bank will send the client a text message or email to the client.

In 2023, the Supreme Court decided that Garcia complaints have no reason. The board of the Court of Appeal, where the investor complained about the Supreme Court, concluded that Santander had no obligation to stop transactions. The court announced that Garcia himself authorized each transfer, so the bank did not violate any contractual conditions or legal obligations. The Court of Appeal also ruled that applications for the Santander website are not a promise to be executed.

Previously, Santander set a limit on cryptotrazacia for customers from Great Britain, explaining by protecting against fraud with crypto actures. In 2022, the bank introduced a system for trading tokenized assets using digital Brazilian Real Madrid.