24-Year-Old Arrested for Alleged $4,600,000 Crypto Scam That Defrauded 300 People: Report

A 24-year-old man from the Netherlands has reportedly been arrested after allegedly scamming 300 people out of millions of dollars.

According to a new report by local news outlet Oost, an unnamed law student and professional soccer player from the Dutch city of Hegelo has been arrested and accused of defrauding investors and mishandling their funds.

The report says that the man would invest money on behalf of his clients, who were his family, friends, fellow soccer players and others. However, he made risky crypto bets with their funds that went awry and he eventually ended up losing between $1.5 million and $4.5 million euros.

The man was falsely known as a “crypto genius” by his peers who believed he had raked in massive profits from trading digital assets.

After his financial mishap – in which he lost all of his own money as well – the man and his brother sent emails to their clients informing them of the loss.

He then went into hiding after being harassed by a few of his victims, according to the report. The victims went on to hand over the evidence to police and after a months-long investigation, he was arrested and charged with fraud and embezzlement.

He is further accused of taking on new clients despite his company being on the brink of collapse.