Shirtum faces a €24M fraud probe as eight footballers are implicated in a scheme involving fake NFTs and the removal of $SHI token liquidity from PancakeSwap.
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A criminal complaint filed in Barcelona’s Court of Instruction No. 5 has escalated the legal scrutiny surrounding the Shirtum crypto project, with total investor losses now estimated to exceed €24 million, or approximately $28 million. The investigation, which centers on allegations of fraudulent NFT sales and token manipulation, has now implicated eight former Sevilla FC football players. The legal action, brought by thirteen Spanish investors, alleges that the project functioned as a sophisticated simulation rather than a legitimate digital collectibles platform.
The core of the complaint involves the sale of so-called “filmic NFTs,” which were marketed as digital collectibles featuring voice recordings and imagery of the associated football players. These assets were sold for approximately €450 each. However, the legal filing asserts that these NFTs were never minted on any blockchain. The complaint specifies that the assets were neither transferable nor resellable, rendering them a complete simulation of the product promised to buyers. Investigators have reportedly been unable to locate any on-chain evidence confirming the existence of these tokens, suggesting that the entire NFT component of the project was a facade designed to extract capital from retail participants.
Beyond the NFT sales, the project allegedly solicited approximately €3 million in BNB tokens from investors under the pretense of developing a mobile application for iOS and Android. The complaint alleges that this application was never developed and that the funds were neither returned to investors nor accounted for in the company’s financial records. Furthermore, the company’s annual accounts reportedly failed to disclose roughly €1 million in revenue generated from the NFT sales, raising questions regarding the transparency and financial management of Shirtum Europa, S.L.U. and its associated entities in Andorra.
The legal focus has expanded to include the project’s native token, $SHI, which investigators now characterize as the subject of a classic pump-and-dump scheme. According to the complaint, the project’s four business promoters and the implicated footballers were allocated 780 million tokens—representing 78% of the total one-billion-token supply—at no cost. These stakeholders allegedly utilized the influence of the football players to manufacture fear of missing out (FOMO) among retail investors, subsequently offloading their free tokens on PancakeSwap at inflated prices.
The situation reached a critical juncture in July 2025. Despite an ongoing criminal investigation, the accused parties reportedly removed the liquidity for $SHI from PancakeSwap. This action effectively collapsed the token’s market, leaving it without a trading venue. Currently, $SHI is effectively worthless, trading at approximately $0.00003329 according to CoinGecko. Investors estimate that the losses stemming from this token manipulation alone will reach at least €20 million, with the potential for the final figure to increase as the investigation proceeds.
The list of individuals named in the complaint includes high-profile former Sevilla FC players: Papu Gómez, Lucas Ocampos, Ivan Rakitić, Nico Pareja, Alberto Moreno, and Javier Saviola. Additionally, the expanded complaint identifies Diego Perotti and Marcelo Guedes as having played active roles in promoting the project. The involvement of these individuals was central to the marketing strategy, as their public profiles were leveraged to validate the project's legitimacy and drive retail participation.
For those monitoring the broader crypto market analysis, this case underscores the risks associated with celebrity-endorsed projects that lack on-chain verification. The transition from the initial NFT fraud claims to broader charges of token manipulation suggests that the legal proceedings may become increasingly complex. The Spanish police, who had already initiated a separate investigation into the project, are now coordinating with the court to determine the extent of the financial misconduct.
The primary risk for participants in similar projects remains the lack of transparency regarding token distribution and the potential for liquidity removal by insiders. In the case of Shirtum, the combination of non-existent digital assets and the deliberate extraction of liquidity highlights the necessity for rigorous due diligence before engaging with celebrity-backed tokens. The fact that the project’s promoters held such a significant majority of the supply allowed them to dictate market conditions until the moment they chose to exit.
Investors should note that the legal process is currently in the investigative phase at Barcelona’s Court of Instruction No. 5. While the current estimate of losses stands at €24 million, the ongoing nature of the investigation means that further evidence of financial irregularities could emerge. The case serves as a reminder of the second-order effects of market manipulation, where the removal of liquidity can render an entire asset class, such as a specific project token, entirely illiquid and worthless overnight. As the court continues to examine the evidence, the focus will likely remain on the movement of the €3 million in BNB and the undisclosed revenue streams, which could provide the necessary documentation to support further criminal charges.
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