Police Arrest Dutch Cryptocurrency CEO in Rumored $110 Million Fraud Case

May 21, 2019
59 Views

Tax authorities and local police have been investigating Barry van Mourik since a lawsuit in early 2018.

Dutch police have arrested a former entrepreneur for fraud after alleging he conned investors in a fake bitcoin (BTC) mining operation out of €100 million ($111 million), Dutch daily news outlet De Gelderlander reported on May 21.

According to reports, Barry van Mourik, who previously ran another cryptocurrency company also under suspicion, deceived clients into thinking they would earn money from bitcoin mining.

Posing as the operator of a mining farm, van Mourik accrued client funds while allegedly failing to purchase any equipment, instead reportedly spending the money on luxury items.

The scandal involving the 33-year-old extends back to 2018, when frustrated customers of his other outfit, Koinz Trading, launched a lawsuit after their benefits failed to materialize.

Police raided van Mourik’s residence in November, seizing luxury items. Koinz Trading was declared bankrupt in February this year.

Now, it appears total investments in the computer components needed for mining topped €100 million, while van Mourik earned around €2 million ($2.2 million).

As Cointelegraph has reported, the cryptocurrency industry remains subject to bad actors targeting unwary and inexperienced potential investors.

In February, a Thailand-based scam managed to lure 140 people to stump up funds which ultimately totalled around $1.34 million.

Large scale scams beyond mining also persist, with Bulgarian OneCoin, rumored to have gained $4 billion, only coming to an end in April. Meanwhile, July will allegedly see the return of the notorious BitConnect Ponzi Scheme, which infamously crashed in January 2018.


Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

You may be interested

Cryptocurrency Dash to Begin Trading on Coinbase Pro
Crypto News
Crypto News

Cryptocurrency Dash to Begin Trading on Coinbase Pro

btcethereumadmin - September 16, 2019

Cryptocurrency exchange Coinbase announced its listing of cryptocurrency dash following an exploration period with the exchange that ended last week.…

Sparkswap Desktop Lets Users Deposit Bitcoin Directly Into Their Lightning Wallets
Crypto News
Crypto News

Sparkswap Desktop Lets Users Deposit Bitcoin Directly Into Their Lightning Wallets

btcethereumadmin - September 16, 2019

Lightning service provider Sparkswap now features a desktop application with a first-of-its-kind killer feature: USD-to-bitcoin purchases that deposit sats directly…

Bug on Kraken Let Users Buy Bitcoin $2K Cheaper and Sell $2K Higher
Bitcoin
Bitcoin

Bug on Kraken Let Users Buy Bitcoin $2K Cheaper and Sell $2K Higher

btcethereumadmin - September 16, 2019

Some Kraken clients were buying Bitcoin at $8,000 or selling at $12,000 due to a bug in the test of…

Leave a Comment

Your email address will not be published.