This week, a 24-year-old Dutch law student residing in Hengelo, Netherlands, found himself in police custody as additional proof surfaced concerning accusations of a massive cryptocurrency swindle worth millions of euros.
A self-proclaimed “cryptocurrency financier” disappeared last year following the implosion of his digital asset trading operation, causing a financial loss of approximately €4.5 million ($4.6 million) to around 300 individuals, including friends and relatives.
According to the account, the individual disappeared following instances of harassment from investors who suffered financial losses. Subsequently, he approached the police for assistance and was relocated to a secure area.
On Monday, he was apprehended following additional evidence presented in the case, which had been gathered by an investor-backed foundation.
In this deceptive plan, the man persuaded individuals to put in a minimum of €5,000 ($5,146) with the assurance of substantial returns. For each investment, he reserved a 50% share of the profits. Even after the scheme collapsed, he persisted in recruiting fresh investors.
In simpler terms, they referred to it as a cryptocurrency Ponzi scheme. This means that money brought in by new participants was utilized to compensate earlier investors, giving an appearance of prosperity and growth, which in reality, was not genuine.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- XRP Price Eyes $2 Support Level Amidst Market Correction
- PYTH PREDICTION. PYTH cryptocurrency
- OREO Unveils Six New Products for 2025
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
- India signals no fixed timeline for crypto rules, calls for global alliance
2025-01-08 19:32