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Knaken Company Purchased Cryptocurrency in Its Own Name, So Clients Are Entitled to Claims in Euros, Not the Coins Themselves

Dutch crypto platform Knaken, declared bankrupt, has left customers facing substantial losses. The court-appointed trustee, Karl Hamm, revealed that Dutch prosecutors sold seized cryptocurrency for €2.2 million. However, an estimated €10-12 million was invested by customers, indicating a multi-million euro shortfall. The firm, which was unlicensed, operated by purchasing crypto in its own name on behalf of clients, who saw balances in the app but legally held a euro claim, not the coins themselves. Hamm stated Knaken likely did not hold crypto matching user balances and mixed trading and operational funds while losing money. The owner, Ronald J., transferred €2.3 million to a company he controlled, deemed a conflict of interest. He disputes the estimated customer investment figure and the trustee's characterization of the business model. A separate criminal investigation by the Dutch fraud agency FIOD is ongoing.

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