Dutch police arrested two men - a 24-year-old from Geleen and a 45-year-old from Leiden - on September 9, 2026, on charges of fraud involving counterfeit crypto assets. The pair allegedly used imitation EURC tokens to purchase Rolex watches from sellers on Marktplaats, the country’s largest online marketplace.
The investigation began following reports from multiple Rolex sellers in August 2025. The scammers’ modus operandi relied on a lack of verification: the buyers contacted targets, agreed on payment in EURC, and transferred the tokens to the victims’ wallets. While the wallet balance appeared to increase and the sellers handed over their watches, the tokens received turned out to be completely worthless.
Nearly Identical to the Original
Police stated that at first glance, the counterfeit tokens were indistinguishable from genuine EURC. Legitimate EURC is a euro-backed stablecoin issued by Circle and operating normally; the perpetrators simply duplicated the token’s appearance on-chain to deceive victims.
Authorities have not yet disclosed technical details regarding the scam. They declined to reveal the blockchain used, wallet addresses, transaction hashes, or how the fake tokens were created. The exact number of stolen Rolexes, total financial losses, and the number of victims have also not been released to the public.
Cracked Through Investigative TV Show
The investigation ultimately yielded results thanks to assistance from the public. Police brought the case to the public via the investigative television program Plaats Delict in November 2025. The broadcast quickly generated leads when several viewers recognized the face of one suspect and reported it to authorities.
The citizen tips provided a fresh breakthrough for the police crypto specialist team. Investigators analyzed the leads, traced the suspects’ digital footprints, and ultimately identified the second suspect who has now also been arrested.
Vulnerabilities in Peer-to-Peer Transactions
The incident highlights on-chain verification weaknesses that remain vulnerable to exploitation in peer-to-peer transactions. When sellers hand over goods relying solely on incoming balance notifications without verifying the token’s smart contract address, worthless assets can easily be mistaken for legitimate funds.
This case demonstrates how lapses in on-chain verification can result in severe losses during high-value physical transactions. Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
