Student crypto fraudster stole € 10 million worth of digital assets

Dutch law enforcement officials are looking for a 23-year-old law student who went missing after allegedly stealing up to 10 million euros in cryptocurrency.

According to Protos media, for two years, the 23-year-old from the city of Hengelo ran a crypto bank, accepting investments from his family, close friends, and strangers from all over the city. The offender charged a minimum fee of 5,000 euros for his crypto investments, and took 50% of the profits as a fee for his services.

On Wednesday, January 10, he sent an email to approximately 300 of his investors, informing them that he could no longer pay them interest because he had lost all of their money, including his own.

The lawyers claim that cryptocurrency worth between 35,000 and 50,000 euros was seized from individuals. One of the victims said: «We suspect that, according to rough estimates, an amount of 4.5 to 10 million euros has gone missing.»

According to the lawyers representing the victims, the law student paid the initial investors with money received from new clients — a Ponzi scheme.

The Dutch «cryptogenic» was recognized as mentally unstable and is currently undergoing rehabilitation. The offender’s social media accounts have been deleted.

Criminal proceedings are currently being prepared, and victims are filing lawsuits for compensation.