Three People Arrested In Cryptocurrency Pump & Dump Fraud Case - Netherlands.
2021-06-05 | Big Bob
Dutch police arrested three men
within the industrial town of Deventer accused of attempting to defraud investors by selling them a self-made cryptocurrency
then intentionally sinking its price.
The police charged
the involved individuals with fraud and embezzlement and
didn't rule out additional arrests.
Police arrested
one among the people at a Deventer warehouse that held several computers used for mining cryptocurrency,
and that there “was also
a problem of electricity theft,” consistent with an official
announcement posted on
the website of the National Dutch Police.
The arrests stemmed from an investigation of the cryptocurrency exchange Coinhouse.eu, that authorities have suspected of embezzling users’ money and defrauding them.
In what authorities described as a
contrivance,
one among the individuals, a 39-year-old, produced the cryptocurrency and advertised it on a cryptocurrency platform and Twitter, luring investors and boosting
the worth. He then sold
an outsized volume of digital coins over
a brief time frame, rendering them “worthless.”
The 39-year-old man
is additionally suspected of similarly trying to
scam investors using ERSO, MALC, EUROP, and TulipMania digital currencies, the official report added.
Within the investigation, police seized a house, vehicles, computers along with several other digital currencies.
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