Photo: MirasWonderland & D-VISIONS (Shutterstock)
Hundreds of Dutch people are receiving unexpected messages from police this week: they’ve been identified as victims of investment or job fraud, often involving cryptocurrency payments.
What began as an opportunity to invest wisely or earn extra money from home has ended in significant financial losses for many, sometimes amounting to tens of thousands of euros.
The police are attempting to limit the damage and are directly contacting approximately 300 potential victims.
300 Dutch Victims Defrauded with Crypto #
The affected group came to light following a joint investigation by Europol and crypto exchange Coinbase. The platform discovered that a series of suspicious wallets (digital wallets) were being filled with money from Dutch customers.
These wallets were linked to organized fraudsters who lure victims through various methods. Cyber specialist Yoanne Spoormans explains:
“We don’t know exactly what these people invested in, but we do know they were defrauded.”
The pattern is often the same: criminals create professional online environments where investors can apparently see their returns grow. Through social media advertisements or even dating apps, people are then persuaded to invest more.
Sometimes the initial ‘profits’ are even paid out, building trust. When victims then try to withdraw money, they discover the platform has disappeared and the advisor is unreachable.
Risk of Another Crypto Scam #
Getting money back is virtually impossible. The invested crypto disappears through countless foreign wallets, making investigation difficult. Police cannot yet say whether the perpetrators will be tracked down.
The police are primarily focused on preventing victims from paying even more. Occasionally, such criminal networks are arrested. Last week, Europol dismantled an operation responsible for laundering 700 million euros.
The impact appears significant. People feel ashamed and sometimes don’t dare tell family or friends. This shame also makes them vulnerable to a second form of fraud: so-called recovery companies.
These ‘helpers’ claim they can recover money, but first request a security deposit, which again ends up in the hands of criminals.
The police also provide several tips to prevent investment fraud. They advise always stepping away when someone applies pressure, having a second person review before investing, and thoroughly checking the provider, for example through the AFM register.
If something doesn’t feel right, that’s reason to stay away immediately.