Key Takeaways
- Authorities have named ex-Sevilla stars, including Papu Gómez and Ivan Rakitić, in a €24 million ($28 million) crypto and NFT fraud probe.
- Investors allege the scheme sold them non-existent NFTs and misled them into buying the $SHI token in a pump-and-dump.
- A Barcelona court is now investigating the case, which reflects a broader pattern of celebrity-linked crypto controversies.
A crypto project tied to some of soccer’s most recognizable names is now at the center of a growing fraud investigation in Spain.
Known as the “Shirtum case,” the scheme allegedly combined fake NFTs with a manipulated crypto token, leaving investors with losses that could exceed €24 million ($28 million).
A Barcelona court is now examining the project that the players marketed as a next-generation platform for soccer collectibles as a potential case of large-scale financial fraud.
The Shirtum Project and What Went Wrong
An expanded criminal complaint filed in Barcelona names six former Sevilla FC players—Papu Gómez, Lucas Ocampos, Ivan Rakitić, Nico Pareja, Alberto Moreno, and Javier Saviola.
Additional figures connected to the project include Diego Perotti and Marcelo Guedes, as well as promotional ties that extended beyond Spain.
The complaint states that 13 Spanish investors lost their entire investments after they bought into promises of exclusive NFTs and a digital platform that promoters never launched.
The project relied heavily on the players’ public profiles, using their likenesses and reputations to attract buyers.
Shirtum Europa, S.L.U., along with associated entities, marketed NFTs as unique digital trading cards linked to football moments.
The company sold the NFTs at around €450 ($526) each and presented them as blockchain-based assets.
Investigators allege that the NFTs did not exist in any functional sense.
Shirtum never properly minted the NFTs, leaving them non-transferable and without any verifiable presence on a blockchain.
SHI Token
Alongside the NFT offering, Shirtum introduced the SHI token, with a total supply of 1 billion.
According to the complaint, the company allocated approximately 78% of the supply to insiders at no cost.
Insiders then sold the tokens on PancakeSwap at inflated prices, while marketing activity drove demand.
In total, investors reportedly contributed around €3 million ($3.5 million) in BNB for platform development, in addition to nearly €1 million ($1.17 million) spent directly on NFTs.
The largest losses, estimated at more than €20 million ($23 million), are tied to the collapse of the SHI token following an investigation into what it describes as a coordinated pump-and-dump.
Investigators are now focusing on how funds moved after the initial capital was raised.
The court is currently reviewing financial records, wallet activity, and promotional materials to determine the extent of potential liability.
Authorities have not reported any arrests so far, and none of the individuals named in the complaint have issued public statements regarding the allegations.
A Wider Pattern of Celebrity-Linked Crypto Controversies
The Shirtum case is not an isolated incident.
Over the past few years, regulators and courts have dealt with a series of cases involving celebrities promoting crypto assets without adequate disclosure or oversight.
In the United States, the SEC charged Kim Kardashian in 2022 for promoting EthereumMax, citing a failure to disclose her compensation.
Other public figures, including Lindsay Lohan, Logan Paul, and Soulja Boy, have faced similar allegations tied to token promotions.
High-profile lawsuits have also targeted endorsements linked to NFT collections and crypto platforms, including cases involving Bored Ape Yacht Club promotions and the FTX collapse.
Athletes and entertainers have increasingly been drawn into these disputes, often because their public influence can drive retail participation in emerging—and sometimes poorly understood—digital asset projects.
What Happens Next
The Barcelona court’s investigation will focus on determining the roles of the individuals involved and whether the project’s structure meets the threshold for criminal fraud under Spanish law.
For investors, the outlook is uncertain.
With the SHI token effectively worthless and the platform never launched, recovering funds may prove difficult even if wrongdoing is established.
The case underscores a broader issue in the crypto market: the gap between marketing narratives and project fundamentals.
As regulators increase scrutiny of celebrity-backed crypto ventures, the Shirtum case could become a key reference point for how authorities handle these disputes and whether they enforce accountability.
For now, it serves as a reminder that visibility and credibility in traditional industries do not automatically translate into trustworthiness in digital assets.
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Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
