Dutch police arrest law student in multi-million euro crypto scam

A 24-year-old Dutch law student has been arrested by police on suspicion of running a multi-million euro cryptocurrency scam. He disappeared last year after his trading plan collapsed, causing about 300 investors to lose up to 4.5 million euros (about 4.6 million US dollars). It is reported that the student, who calls himself a "crypto banker", was harassed by investors after the collapse of the plan, and then asked the police for help and was placed in a safe place. However, this week the police arrested him based on new evidence, which was submitted by a foundation established by the victims to track down the whereabouts of the lost funds. The victims accused the student of continuing to attract new investors when the plan was close to collapse, and was accused by lawyers of running a crypto Ponzi scheme to repay old investors with funds from new investors. He required a minimum investment threshold of 5,000 euros and took 50% of the profits as compensation. The case is currently under further investigation. (Protos)