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.
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2025-01-08 19:32