Deep Tide TechFlow news, on January 8, according to Protos, Dutch police arrested a 24-year-old law student who is suspected of operating a cryptocurrency investment scam, causing approximately 300 investors to lose up to 4.5 million euros (about 4.9 million dollars). According to RTV Oost, the self-proclaimed 'cryptocurrency banker' from Hengelo had once gone into hiding after the scheme collapsed, but was arrested due to new evidence submitted by a foundation formed by investors.
The suspect required investors to invest a minimum of 5,000 euros and took 50% of the profits as commission. Although referred to as a 'cryptocurrency genius', lawyers stated that this was a typical pyramid scheme, paying returns to early investors with funds from new investors. Victims claimed that even when the scheme was about to collapse, the suspect continued to attract new investors.