Dutch Crypto Firm Knaken Collapses as $8M Vanishes
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Dutch crypto firm Knaken Cryptohandel BV and its affiliated customer protection foundation were declared bankrupt by the Rotterdam District Court after roughly $8 million in customer funds went missing, leaving about 30,000 account holders unable to access assets. Prosecutors have opened a criminal investigation and regulators are scrutinizing how deposits vanished despite a safeguard structure, raising security and regulatory risk concerns for custodial crypto services and CEXs.
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The collapse of Dutch cryptocurrency platform Knaken has raised fresh concerns about the safety of custodial crypto services after millions in customer funds went missing. Authorities have placed both Knaken Cryptohandel BV and its affiliated customer protection foundation into bankruptcy, leaving roughly 30,000 account holders unable to access their assets.
The case has intensified scrutiny because customer funds reportedly disappeared despite a structure designed to safeguard deposits during financial distress. Additionally, prosecutors have launched a criminal investigation as regulators seek to determine what happened to the missing money.
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Court Orders Bankruptcy Amid Missing Funds
The Rotterdam District Court approved the bankruptcy petitions after prosecutors argued that Knaken could no longer p…
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