Dutch Law Student Arrested Over Multi-Million Euro Crypto Scam

A 24-year-old Dutch law student from Hengelo, Netherlands, was arrested this week after further evidence emerged in connection with his alleged multi-million euro crypto scam. 

The man, who styled himself as a “crypto banker,” went into hiding last year when his crypto trading scheme collapsed, leaving around 300 people—including friends and family—with losses totaling up to €4.5 million ($4.6 million).

As per the report , the man vanished after facing harassment from investors who had lost money. Following this, he went to the police for help and was moved to a safe location.

However, on Monday, he was arrested after a foundation set up by the affected investors provided more evidence in the case.

The scam involved the man convincing people to invest at least €5,000 ($5,146) each, promising high returns. In exchange, he would take 50% of the profits. Despite the scheme falling apart, he continued to take on new investors.

Lawyers described it as a crypto pyramid scheme, where funds from new investors were used to pay older investors, creating the illusion of success.