A Dutch law student hailed as a local ‘crypto genius,’ is now at the center of a major investigation. Authorities allege he swindled investors out of up to €10 million in a suspected crypto pyramid scheme.
Investigation Unfolds Amidst Disappearance
The 23-year-old from Hengelo reportedly ran a crypto bank, enticing investments from family, friends, and residents. Accepting a minimum fee of €5,000, he promised substantial returns, pocketing 50% of the profits. However, an email to his 300 investors revealed a stark reality: the funds, including his own, were lost.
Dutch lawyers estimate individual losses range from €35,000 to €50,000. “We suspect a total loss between 4.5 to 10 million euros,” one victim shared. Consequently, lawyer Arjon Tieman suggests the situation bears “all the hallmarks” of a crypto pyramid scheme.
Moreover, the student’s sudden disappearance adds to the mystery. His social media accounts vanished, a planned trip was canceled, and his home was found empty.
Additionally, an apology email from a spokesperson described him as “completely mentally unstable,” seeking medical treatment.
Despite these developments, victims have yet to file a police report. Legal teams are gearing up to pursue claims to unravel this complex web of deceit in the crypto world.
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