Part One: The Chase
On June 3, 2026, a significant development occurred in what many consider to be one of the largest cryptocurrency-related fraud investigations in recent years.
David Merino, a central figure in the FX Winning matter, was arrested in Dubai following a lengthy international investigation spanning multiple jurisdictions and involving victims from around the world.
For the thousands of investors who have spent years searching for answers, accountability, and justice, the arrest represents a major milestone. While legal proceedings remain ongoing, the development marks an important step forward in a case that has allegedly resulted in losses exceeding $1 billion and impacted victims across numerous countries.
For BlockDivers, the arrest carries special significance because it represents the culmination of investigative efforts that began long before the headlines.
This article is the first installment in a three-part series detailing our involvement in the FX Winning investigation, the challenges we encountered, and the lessons learned while pursuing one of the most complex cryptocurrency fraud matters our team has ever worked.
The Beginning
In December 2024, BlockDivers was retained by a Miami-based law firm to assist in tracing cryptocurrency transactions connected to the FX Winning matter.
At the time, many victims were still pursuing legal remedies and the full scope of the operation had yet to be fully understood. Investors had been unable to access funds, questions continued to mount, and the true extent of the losses remained unclear.
Our mission was straightforward: follow the money.
Using forensic blockchain analysis, our investigators began examining cryptocurrency transactions associated with investor deposits and fund movements tied to the scheme. What initially appeared to be a complex cryptocurrency tracing assignment quickly evolved into something much larger.
While the investigation was underway, litigation continued to advance in the United States.
In February and March of 2025, the United States District Court for the Southern District of Florida entered final judgments against David Merino and other defendants connected to the FX Winning matter. Combined, those judgments exceeded $85 million.
The judgments represented a significant legal victory for victims. They also reinforced the need to continue tracing assets, identifying fund flows, and locating individuals connected to the operation.
Following the Trail
By January 2025, BlockDivers had completed the first phase of its forensic blockchain investigation.
The findings revealed significant indicators that investor funds had moved through cryptocurrency exchanges operating across multiple jurisdictions. One jurisdiction quickly emerged as a critical focal point: Panama.
Recognizing the importance of the leads being developed, our investigative team traveled to Panama to conduct on-the-ground inquiries and meet with local authorities.
During that phase of the investigation, critical intelligence began to emerge regarding the movement of funds and the individuals potentially connected to the scheme.
Information developed during the Panama investigation provided some of the earliest indications that David Merino may have been directly connected to the movement of funds associated with the operation.
As new leads surfaced, the investigation rapidly expanded beyond Panama.
Additional exchanges, jurisdictions, entities, and individuals began appearing on the investigative radar. The trail eventually pointed toward Dubai, a location that would become increasingly important as the investigation progressed.
What began as a blockchain tracing assignment was evolving into a global investigation.
More Than a Blockchain Report
One of the most common misconceptions about cryptocurrency investigations is that the work ends once a forensic blockchain report is completed.
In reality, that is often where the most important work begins.
Many firms possess the technical capability to trace cryptocurrency transactions and generate forensic reports. Those reports are valuable and frequently form the foundation of a case.
However, complex international fraud matters often require much more than technical analysis.
At BlockDivers, we believe intelligence must be transformed into action. That means coordinating with attorneys, regulators, law enforcement agencies, cryptocurrency exchanges, financial institutions, and local professionals across multiple jurisdictions. It means conducting field investigations, pursuing leads wherever they emerge, and continuing the investigation long after the initial blockchain analysis is complete.
The FX Winning matter would ultimately become a powerful example of why that distinction matters.
The Road to Dubai
As 2025 progressed, the investigation continued to gain momentum.
New evidence emerged. Additional connections were identified. The investigative picture became clearer.
What had started as an effort to trace cryptocurrency transactions was gradually becoming an effort to locate people.
The investigation expanded into Dubai and other jurisdictions as BlockDivers continued working alongside legal counsel, authorities, and other stakeholders involved in the matter.
The deeper we looked, the more apparent it became that this case was far more complex than anyone initially understood.
And in many ways, the most important discoveries were still ahead.
A Major Milestone—But Not the End
David Merino’s arrest represents an important milestone in the FX Winning matter.
For victims, it offers hope that accountability may finally be within reach.
For investigators, attorneys, and law enforcement agencies who have worked tirelessly on the case, it demonstrates the value of persistence, international cooperation, and a willingness to pursue difficult leads across multiple jurisdictions.
The arrest also comes against the backdrop of substantial civil judgments already entered against Merino and other defendants. By the time of his arrest, U.S. courts had already awarded more than $85 million in judgments connected to the matter.
Yet for many victims, obtaining a judgment was only one step. The larger challenge remained determining where the money went, who controlled it, and how those responsible could ultimately be held accountable.
The arrest is an important chapter in that story.
But it is not the final chapter.
By late 2025, the investigation had shifted from tracing funds to locating individuals. What began as a forensic blockchain investigation had evolved into an international effort spanning multiple jurisdictions, multiple exchanges, and a growing body of evidence.
Dubai would become the focal point.
In Part Two of this series, we’ll take readers inside the Dubai investigation itself and explain how BlockDivers expanded the case on the ground, uncovered critical intelligence, and began applying pressure that would ultimately contribute to one of the most significant developments in the FX Winning matter to date.
Stay tuned.
