The recent arrest of David Merino in Dubai marks a significant development in the ongoing FX Winning investigation, a case that has impacted thousands of investors worldwide and allegedly resulted in losses exceeding $1 billion.
While the headlines focus on the arrest itself, the story began years earlier.
In December 2024, BlockDivers was retained by counsel representing victims of the FX Winning scheme to conduct a forensic blockchain investigation into the movement of investor funds. What initially began as a cryptocurrency tracing assignment quickly evolved into a multi-jurisdictional investigation involving cryptocurrency exchanges, international travel, law enforcement coordination, and on-the-ground intelligence gathering.
By early 2025, BlockDivers had completed its first phase of blockchain analysis and identified investigative leads that ultimately expanded into Panama, Dubai, and other jurisdictions. As the investigation progressed, information emerged that pointed investigators toward individuals believed to be connected to the movement of funds associated with the scheme.
At the same time, litigation in the United States continued to move forward. In February and March 2025, the United States District Court for the Southern District of Florida entered final judgments exceeding $85 million against David Merino and other defendants connected to the matter.
The arrest of Merino represents an important milestone for victims seeking accountability. However, as many fraud victims eventually discover, obtaining judgments is only one part of the recovery process. Identifying assets, tracing funds, locating responsible parties, and coordinating across multiple jurisdictions often presents an equally significant challenge.
The FX Winning matter serves as an important reminder that cryptocurrency investigations frequently require much more than blockchain tracing alone. Successful recovery efforts often depend on a combination of forensic analysis, legal strategy, intelligence gathering, and international cooperation.
This article is part of a three-part series detailing the investigation that ultimately led to Merino’s arrest.
To read the full article and follow the complete series, visit:
BlockDivers.com
Read Part 1: “Inside the Investigation That Led to the Arrest of FX Winning’s David Merino”
