Dutch police arrest law school student suspected of multimillion-euro cryptocurrency fraud

ChainCatcher news, according to Protos, a 24-year-old Dutch law student was arrested this week on suspicion of being involved in a cryptocurrency scam worth millions of euros. The man, who called himself a "crypto banker," disappeared last year after his crypto trading scheme failed, resulting in losses of up to 4.5 million euros (approximately 4.6 million dollars) for about 300 investors, including friends and family. After hiding for a period of time, he was arrested by the police due to further evidence submitted by a foundation set up by the victims.

According to one victim, despite the fact that the alleged scammer's plan was on the verge of failure, he continued to attract new investors. Investors in the Dutch cryptocurrency scam were asked to pay an investment fee of at least 5,000 euros (5,146 dollars), while he would take 50% of the profits as his reward. Lawyers pointed out that this behavior is similar to a crypto Ponzi scheme, using funds from new investors to pay back old investors.