PANews reported on January 8 that according to Protos, a 24-year-old Dutch law student was arrested by the police on suspicion of operating 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 U.S. dollars).
The student, who called himself a "crypto banker," was harassed by investors after the scheme collapsed, and turned to the police for help and was placed in a safe place. However, this week the police arrested him based on new evidence submitted by a foundation set up by the victims to track down the whereabouts of the lost funds.
The victim accused the student of continuing to attract new investors when the plan was close to collapse, and was accused by lawyers of operating 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.
