logo
    • Buy Crypto
    • Markets
    • Futures
    • Spot
    • Earn
    • Affiliates & AI
    • More
    1. WEEX
    2. Crypto News
    3. Failed Crypto Exchange in the Netherlands: 12 Million Invested, Only 2 Million Recovered

    Failed Crypto Exchange in the Netherlands: 12 Million Invested, Only 2 Million Recovered

    By: journalducoin.com|2026/08/18 05:11:11
    0
    Share
    copy
    Prefer us on GooglePrefer us on Google
    APPAPP
    00.00%--
    NOWNOW
    00.00%--
    FORMFORM
    00.00%--
    FormForm
     

    Millions invested, but only 2.2 million euros of crypto to share. The Dutch public prosecutor has sold the seized cryptocurrencies from Knaken, a platform declared bankrupt on July 16 by the Rotterdam court. According to the trustee Carl Hamm, this amount currently represents the only asset available to compensate creditors (6,300 former clients have been contacted). According to initial estimates, they had entrusted between 10 and 12 million euros to Knaken in the form of cryptocurrency investments, loans, or certificate purchases. The trustee << invites them to limit their hopes of reimbursement >>. It goes without saying that this euphemism does not please everyone.

    Key Points {#h-key-points}

    • The Dutch public prosecutor sold the seized crypto from Knaken for 2.2 million euros, the only sum currently present in the bankruptcy estate.
    • About 6,300 clients had entrusted between 10 and 12 million euros to the platform, which operated without AFM approval.
    • A purchase of 100 euros of bitcoin gave the client a claim in euros: the position was opened in the name of Knaken, not theirs.
    • A client's lawyer contests the state's sale, comparing it to a bankrupt garage reselling its clients' cars.

    Cryptocurrencies Displayed, but Held in the Name of Knaken {#h-cryptocurrencies-displayed-but-held-in-the-name-of-knaken}

    Knaken allowed its users to buy, exchange, and hold cryptocurrencies through an app. However, the legal operation of the accounts did not necessarily correspond to what some clients thought they owned.

    Carl Hamm gives the example of a 100-euro bitcoin purchase. After deducting one euro in fees, Knaken opened a position of 99 euros with an exchange platform. This position legally belonged to the company. The client could see a quantity of bitcoins appear in their account but only held a claim corresponding to their value in euros.

    The trustee also suspects Knaken of not having held enough cryptocurrencies to cover all displayed balances. According to him, clients' investments and the company's current expenses may have been mixed, creating a significant deficit.

    Ronald J., owner of Knaken, disputes this presentation. He claims that each order was executed and recorded with a liquidity provider. While he acknowledges the existence of an uncovered portion, he assures that the vast majority of positions corresponding to the approximately 145 cryptocurrencies offered were indeed << backed by real assets >>.

    The Sale of Seized Crypto Sparks Debate {#h-the-sale-of-seized-crypto-sparks-debate}

    The public prosecutor's decision to sell the assets before the end of the procedure is now contested by a client's lawyer. He poses a central question: who really owned the seized cryptos?

    He compares the situation to that of a bankrupt garage reselling a car entrusted by a client without directly returning the money. The public prosecutor claims to have had good reasons for proceeding with the sale, without detailing them publicly.

    According to the media Rijnmond, prosecutors may have relied on Article 117 of the Dutch Code of Criminal Procedure. This allows for the sale of seized goods that may lose value. The trustee understands this decision given the volatility of cryptocurrencies. The sale protects creditors against a potential decline but also deprives them of any future increase.

    Knaken's difficulties reportedly date back to a hack that occurred in 2020, during which 23 BTC were stolen. Despite this incident, the company continued its development and formed partnerships with several Dutch football clubs.

    The procedure must now determine the exact origin of the deficit and the possible existence of other assets. For clients, the case serves as a reminder that a displayed crypto balance in an app does not guarantee direct ownership of the tokens or their actual availability. Between self-custody incidents and cases like this, it is hard to find an ideal solution for cautious investors.

    -- Price

    --

    This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

    You may also like

    Why Is Bitcoin Up Today? BTC Rebounds Above $64K Ahead of the White House Crypto Meeting

    Why Is Bitcoin Up Today? BTC Rebounds Above $64K Ahead of the White House Crypto Meeting

    Bitcoin rebounded above $64K despite continued ETF outflows ahead of the White House crypto meeting. Here's why BTC is rising, how traders are using futures to manage volatility, and how WEEX Trade to Earn adds extra rewards during this week's market moves.
    Gold, XRP Ledger and the New Era of Global Reserves: Dubai Leads the Revolution

    Gold, XRP Ledger and the New Era of Global Reserves: Dubai Leads the Revolution

    AI Trading Signals: Why Financial Institutions Don't Sell Their Secrets?

    AI Trading Signals: Why Financial Institutions Don't Sell Their Secrets?

    Bitcoin: The Next Bottom Could Arrive in October 2026

    Bitcoin: The Next Bottom Could Arrive in October 2026

    Benjamin Cowen sees Bitcoin's bottom at the end of October 2026. ETFs and institutional investors may have profoundly altered the 4-year cycle.
    Exits MENA and ACE Local Management Fully Acquire Avanz Capital Egypt

    Exits MENA and ACE Local Management Fully Acquire Avanz Capital Egypt

    Polymarket’s 20% CLARITY Act odds sit on a market one $100K trade could radically reprice

    Polymarket’s 20% CLARITY Act odds sit on a market one $100K trade could radically reprice

    An anonymous trader holds $415,000 against CLARITY ahead of a Senate test, dwarfing the market’s $160,000 in displayed liquidity.
    WEEX Trade to Earn Season 6: Mine WXT, Climb the Leaderboard, Hunt USDT — All in One Campaign

    WEEX Trade to Earn Season 6: Mine WXT, Climb the Leaderboard, Hunt USDT — All in One Campaign

    WEEX launches Season 6 of its Trade to Earn campaign from August 17 to September 6, 2026 — its most rewarding edition yet, stacking real-time WXT rebates up to 35%, a brand-new Treasure Map fragment hunt, a USDT trading leaderboard, and a referral bonus into a single campaign.

    web3: Pi Network to Adjust Application Development Fees and Subsidies

    web3: Pi Network to Adjust Application Development Fees and Subsidies

    DGrid AI Deep Dive: How Decentralized AI Infrastructure Makes Services 'Callable, Verifiable, and Settled'

    DGrid AI Deep Dive: How Decentralized AI Infrastructure Makes Services 'Callable, Verifiable, and Settled'

    DGrid AI: One interface to call over 200 models, PoQ on-chain verification of service quality. $23M revenue, 15,000+ paying users validate demand, TGE approaching, AI services are evolving into an open network that is callable, verifiable, and settled.
    Bitcoin Holds at $64,000 as Yields Surge: What Explains This?

    Bitcoin Holds at $64,000 as Yields Surge: What Explains This?

    web3: Trump Family Project Integrates AI Platform, USD1 Payment Draws Attention

    web3: Trump Family Project Integrates AI Platform, USD1 Payment Draws Attention

    In which cities is it most expensive to rent an apartment before costs equal its purchase price

    In which cities is it most expensive to rent an apartment before costs equal its purchase price

    MPS to Redeem €500 Million Senior Bond Early Following SRB Approval

    MPS to Redeem €500 Million Senior Bond Early Following SRB Approval

    Mark Cuban Predicts Chips Will Become the New Crypto Asset, Will This Time Fail?

    Mark Cuban Predicts Chips Will Become the New Crypto Asset, Will This Time Fail?

    BitMart Founder Sheldon Xia: Account Hacked and Accusations Are Pure Rumors! But Faced Continuous Doubts from On-Chain Detectives and Big Holders

    BitMart Founder Sheldon Xia: Account Hacked and Accusations Are Pure Rumors! But Faced Continuous Doubts from On-Chain Detectives and Big Holders

    Jensen Huang, Ultraman, and Masayoshi Son: A 20-Year Alliance

    Jensen Huang, Ultraman, and Masayoshi Son: A 20-Year Alliance

    While France is in debt, Norway sets aside €370,000 per inhabitant

    While France is in debt, Norway sets aside €370,000 per inhabitant

    Bitcoin: 28,000 BTC Return to Exchanges in Less Than Three Weeks

    Bitcoin: 28,000 BTC Return to Exchanges in Less Than Three Weeks

    Crypto: Donald Trump's popularity drops to 33%, what are the consequences for the sector?

    Crypto: Donald Trump's popularity drops to 33%, what are the consequences for the sector?

    Donald Trump falls to 33% approval ratings. As midterm elections approach, the crypto industry is raising questions.
    Shibarium Has Not Lost Data: Issues with Shibariumscan Indexing

    Shibarium Has Not Lost Data: Issues with Shibariumscan Indexing

    Buying an Apartment in a New Building Before Winter: How to Avoid Being Left Without Heat, Water, and Electricity

    Buying an Apartment in a New Building Before Winter: How to Avoid Being Left Without Heat, Water, and Electricity

    RDDT Stock After S&P 500 Inclusion: Rally or Sell-the-News Risk?

    RDDT Stock After S&P 500 Inclusion: Rally or Sell-the-News Risk?

    RDDT faces a key test after S&P 500 inclusion, with passive fund flows, strong Reddit earnings, AI upside, and sell-the-news risks all in focus.
    Bitcoin Miners Go All In on AI: What’s the Cost?

    Bitcoin Miners Go All In on AI: What’s the Cost?

    Kraken brings US stock trading to European Economic Area customers

    Kraken brings US stock trading to European Economic Area customers

    Crypto Investors Outnumber Stock Investors by 2.3 Times, Research Shows

    Crypto Investors Outnumber Stock Investors by 2.3 Times, Research Shows

    Crypto investors outnumber stock investors by 2.3 times, according to a Datafolha survey with Paradigma, showing that 17.2% of the population has or has had cryptocurrencies, mostly through their bank's app and with incomes of up to three minimum wages.
    Partnership World Liberty AI: 43 Chinese Models Under US Scrutiny

    Partnership World Liberty AI: 43 Chinese Models Under US Scrutiny

    [SCAN 2026 Final Interview] ⑦Chaos of KAOS: Aiming for Victory through On-Chain Analysis and Tracking Agent Automation

    [SCAN 2026 Final Interview] ⑦Chaos of KAOS: Aiming for Victory through On-Chain Analysis and Tracking Agent Automation

    The world’s first digital asset tracking competition, ‘SCAN 2026’, will be held on September 28 at 9 AM at Monaco Space in Seocho-gu, Seoul. SCAN 2026 is organized by the digital asset information company DAsset, with global blockchain data platform Chainalysis participating as a CTF (Capture The Fl...
    EU opens door to country-wide crypto bans over Russia sanctions evasion

    EU opens door to country-wide crypto bans over Russia sanctions evasion

    South Korea's Debt Approaches 200 Trillion Won: Has the Market Overestimated Rate Hikes?

    South Korea's Debt Approaches 200 Trillion Won: Has the Market Overestimated Rate Hikes?

    BitMart Exchange Closure: Will Sheldon Lee Respond to the Ultimatum by August 19?

    BitMart Exchange Closure: Will Sheldon Lee Respond to the Ultimatum by August 19?

    Why Is Bitcoin Up Today? BTC Rebounds Above $64K Ahead of the White House Crypto Meeting

    Bitcoin rebounded above $64K despite continued ETF outflows ahead of the White House crypto meeting. Here's why BTC is rising, how traders are using futures to manage volatility, and how WEEX Trade to Earn adds extra rewards during this week's market moves.

    Gold, XRP Ledger and the New Era of Global Reserves: Dubai Leads the Revolution

    AI Trading Signals: Why Financial Institutions Don't Sell Their Secrets?

    Bitcoin: The Next Bottom Could Arrive in October 2026

    Benjamin Cowen sees Bitcoin's bottom at the end of October 2026. ETFs and institutional investors may have profoundly altered the 4-year cycle.

    Exits MENA and ACE Local Management Fully Acquire Avanz Capital Egypt

    Polymarket’s 20% CLARITY Act odds sit on a market one $100K trade could radically reprice

    An anonymous trader holds $415,000 against CLARITY ahead of a Senate test, dwarfing the market’s $160,000 in displayed liquidity.
    ...
    Invite friends, get rewards
    Invite to get up to $160 + 40% commission
    Invite friends, get rewardsInvite

    Contents

    Cryptocurrencies Displayed, but Held in the Name of Knaken {#h-cryptocurrencies-displayed-but-held-in-the-name-of-knaken}
    The Sale of Seized Crypto Sparks Debate {#h-the-sale-of-seized-crypto-sparks-debate}
    APP

    Latest articles

    08/18/2026

    web3: Pi Network to Adjust Application Development Fees and Subsidies

    APPAPP
    00.00%--
    BASEDBASED
    00.00%--
    08/18/2026

    Kraken brings US stock trading to European Economic Area customers

    NOWNOW
    00.00%--
    APPAPP
    00.00%--
    TAKETAKE
    00.00%--
    REALREAL
    00.00%--
    08/18/2026

    Crypto Investors Outnumber Stock Investors by 2.3 Times, Research Shows

    Crypto investors outnumber stock investors by 2.3 times, according to a Datafolha survey with Paradigma, showing that 17.2% of the population has or has had cryptocurrencies, mostly through their bank's app and with incomes of up to three minimum wages.
    APPAPP
    00.00%--
    REALREAL
    00.00%--
    HOMEHOME
    00.00%--
    08/18/2026

    Failed Crypto Exchange in the Netherlands: 12 Million Invested, Only 2 Million Recovered

    Knaken leaves 6,300 clients facing a deficit of several million euros. The seized crypto has been sold for 2.2 million.
    APPAPP
    00.00%--
    NOWNOW
    00.00%--
    FORMFORM
    00.00%--
    08/18/2026

    Farcaster Seeks New Operator After Acknowledging Failure After Seven Months

    COSTCOST
    00.00%--
    APPAPP
    00.00%--
    HOMEHOME
    00.00%--
    CLANKERCLANKER
    00.00%--
    More

    Latest coin listings on WEEX

    logoCommunity
    iconiconiconiconiconiconicon
    Customer Support:@weikecs
    Business Cooperation:@weikecs
    Quant Trading & MM:bd@weex.com
    VIP Program:support@weex.com
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • Customer Support Bot
    • VIP Services
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • Proof of Reserves
    • Invite Friends
    • OTC
    • Download
    • Affiliate
    • VIP Program
    • API
    • Broker
    • Listing Application
    • Affiliate T&C
    • Sitemap
    • Futures
    • Spot
    • Copy Trade
    • Markets
    • WEEX Store
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • Customer Support Bot
    • VIP Services
    • Futures
    • Spot
    • Copy Trade
    • Markets
    • WEEX Store
    • Proof of Reserves
    • Invite Friends
    • OTC
    • Download
    • Affiliate
    • VIP Program
    • API
    • Broker
    • Listing Application
    • Affiliate T&C
    • Sitemap
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE

    Where new wealth is made

    Download app

    Sign Up
    h5 logo
    Download