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Madrid, June 16, 2025

Algoritmo Legal, the law firm representing the plaintiffs in the Shirtum case

As the law firm representing the two citizens (and the ten victims proposed as witnesses) who filed the complaint admitted for processing on May 12, 2025, by Investigating Court No. 5 of Barcelona in the well-known Shirtum case, we wish to state the following:

• The complaint signed by our lawyer and managing partner, Ricardo Oliva León, was filed on January 29, 2025, after more than two years of intensive investigative work, and is directed against fourteen individuals—including businesspeople, advisors, and world-class soccer players—as well as three commercial companies, all of them linked to Shirtum.

• The allegations relate to the marketing of the $SHI token (which never had the promised “utility”) and the promotion of a technology platform and NFT (non-fungible token) app linked to the “Shirtum” project, whose completion was promised to hundreds of investors but never took place, as well as the sale of fake NFTs and the manipulation of the market price of the $SHI token on the decentralized exchange PancakeSwap, to the detriment of investors.

• The complaint contains solid evidence of the commission of up to eleven crimes, including aggravated fraud (rug pull), misappropriation, market price manipulation (dump and pump scheme in the cryptocurrency space), money laundering, accounting fraud, tax fraud, misleading advertising, concealment of assets, and unfair administration.

• The documentation provided includes 13 expert reports prepared by independent experts in IT, blockchain, accounting, and financial economics, as well as notarized documents, registration documents from Spain and Andorra, reports from trusted electronic service providers, corporate documents, blockchain records, electronic communications, and social media evidence.

• Our clients are not institutional investors or large funds. They are private citizens—some entrepreneurs, others employees, and one retiree, all from different autonomous communities in Spain—who trusted what was presented to them as a technological and innovative initiative, backed by well-known figures, and ended up losing their savings.

• We are fully aware that every person under investigation is entitled to the presumption of innocence, and our actions will therefore continue to be guided by strict respect for procedural guarantees, without making personal assessments or prejudging guilt. For this reason, we will not make any public statements on the criminal liability of those under investigation, which must be determined exclusively by the courts of law.

• Our actions are carried out in strict accordance with the law and with the utmost respect for the Investigating Court, to which we have made available all the evidence we have had access to.

• Beyond the media impact, the Shirtum case is a matter of public interest due to the number of people affected, the use of public figures as a promotional channel, and the way in which investors’ expectations were emotionally and financially manipulated, according to the empirical evidence provided. The courts will have the final say.

At Algoritmo Legal, we reaffirm our commitment to the firm, ethical, and rigorous defense of our clients’ rights, with full confidence in the rule of law, and we will cooperate with the justice system to clarify the facts reported with the utmost transparency.