After a controversial event in Badalona in April when thousands of young people gathered to hear speakers from the I’M Academy, a digital currency teaching group, concerns rose again. On a Saturday afternoon, the WiZink Center in Madrid hosted Metaverse Day, organized by Mundo Crypto and promoted as an immersive experience exploring how daily habits are reshaping the cryptocurrency ecosystem. Two familiar TV presenters, Jorge Fernández and Cristina Pedroche, were announced as hosts.
What are cryptocurrencies?
Cryptocurrencies are digital currencies secured by encrypted codes that operate on a technology known as blockchain to verify transactions. Yet a report from the National Securities Market Commission shows that overall knowledge about this topic remains limited. The typical investor profile in cryptocurrencies leans toward men with an average age around 40, with many between 25 and 44 years old.
The CNMV has warned organizers that they do not hold licenses to advise on financial instruments or to facilitate investment transactions. Suspicions about Mundo Crypto grew strong enough for the regulator to place it on a grey list that also includes I’M Academy. This decentralized international online academy offers courses on cryptocurrencies that attract many young people. In reality, many attendees are drawn primarily to the I’M Academy offerings.
Critics describe a pyramid structure behind some courses where enrollment is costly and members are encouraged to recruit others to maintain discounts and progress. Critics argue this use of the platform amounts to a youth exploitation strategy, with concerns about family and school disruption. Juantxo Domínguez, head of RedUNE, notes that the model resembles old school sects that have adapted to modern networks and the digital era, expressing worry about the psychological allure and the potential harm to young participants.
RedUNE has urged authorities to cancel events seen as promoting harmful sectarian activity on public venues. The organization argues that hosting such events in public spaces raises social responsibility concerns for Madrid and its residents.
“We have long fought crypto cults, a plague that has devastated the lives of thousands of young people and their families.”
Juantxo Dominguez, president of RedUNE, reiterates the impact of crypto cults and the ongoing battle to protect families from manipulation. The warning reflects a broader concern about how information is shared and consumed in the crypto space.
“The media is angry and wants to limit information”
Sevi Sheshu, president of Crypto World, emphasizes that RedUNE has spent years guiding parents through the process of watching their children fall into controlling groups. He argues that the Madrid event may reinforce those who have already fallen into crypto cults while attracting new followers. The debate centers on how to balance education with safeguarding against scams and manipulation.
like rock stars
The event stage resembles a music festival with speakers presented as influential figures whose words are treated like declarations. The attraction rests on empowering images and lifestyle promises, a combination that can make the idea of easy wealth from investing in cryptocurrencies seem accessible. Dominguez notes that some young people have left school or family to pursue these fantasies, highlighting the risk linked to the seductive framing of the opportunity.
Pressure from RedUNE and concerned families led to a notable petition drive and appeals to authorities for action against similar events. In May, a large number of signatures were submitted to the Ministry of Justice to push for more oversight, following similar efforts that previously led to the cancellation of a crypto event in another city. Madrid supporters hope a similar outcome will be achieved locally.
“The media is lying to you”
Organizers have used social networks to defend their stance and present themselves as transparent. Critics argue that controlling the information flow is a hallmark of psychological pressure groups, with sustained skepticism toward criticism from outside voices. The portrayal of the event as educational is part of a broader marketing narrative that aims to reassure potential attendees about safety and legitimacy.
Crypto incident in Madrid crests as CNMV weighs in with concerns about Jorge Fernández and Cristina Pedroche
Sevi Sheshu, founder of Mundo Crypto, describes himself as an expert in commercial strategies and training methods. He released a video explaining that the media reaction has been strong and that the event will cover both benefits and risks associated with digital money. He states that the gathering seeks to be educational and that no member activities will involve financial advice.
Another organizer, Javier Medina, posted a separate message underscoring the educational aim of Mundo Crypto. He stresses that the group supports reasonable regulation of cryptocurrencies that are accessible to anyone with an internet connection. The organizers describe themselves as professional trainers who aim to help people avoid scams and make informed choices.