Dutch consumers' enthusiasm for cryptocurrency fell sharply over the past year, the Dutch authority on financial markets AFM said in a report published on Wednesday. The authority attributes the decreased enthusiasm to large price falls in the crypto market this year, NU.nl report.
Multiple Amsterdam businesses received an email threatening them with hand grenades or shootings if they do not pay 50 thousand euros in bitcoins to the sender. The police confirmed that multiple reports of this email have been received and they are investigating, AT5 reports.
The email, which is in the possession of AT5, was sent to at least three coffeeshops and Club ABE on Amstelstraat since May this year. The writer refers to the municipality of Amsterdam's policy to close businesses after a shooting or an explosive was found there.
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A man was scammed out of 26 bitcoins in an Amsterdam hotel on Thursday. He was approached online by someone who wanted to buy 26 bitcoins from him for 180 thousand euros in cash, around 24 thousand more than the bitcoins were worth at that time. But the money he was paid turned out to be fake, the police said on Facebook.
The man agreed to meet the bitcoin buyers in an Amsterdam hotel. They showed him the cash, and he transferred the bitcoins to them. Once the transaction was done, the scammers handed over the bag of cash and left.
The Public Prosecutor demanded 5 years in prison against a 38-year-old British man accused of laundering around 11.5 million euros in bitcoins between 2014 and 2016. The money likely came from the illegal trade in drugs and other prohibited goods on darkweb markets, the Public Prosecutor said on Wednesday.
Dutch company Koinz Trading was declared bankrupt by the court of Amsterdam on Wednesday. The company, which offered customers access bitcoin mining machines and cryptocurrency investments, is facing dozens of customers demanding compensation for damages, the Telegraaf reports.
Customers never received access to the mining machines they invested in, and therefore also not the Bitcoins they could've mined, according to the newspaper. Lawyer Marco Kalmijn told the Telegraaf that around 60 customers are trying to recover "many millions" from Koinz Trading.
Cryptocurrencies like bitcoin have nothing to do with the "real economy" and are more like Pokemon cards than they are currency, Stephane Boujnah of Euronext stock exchange said in an interview with Bloomberg.
Euronext, the operator of trading platforms in Amsterdam, Brussels and Paris, among others, will not create a market platform for cryptocurrencies, he said.
Late last week the police tracked down two bitcoin miners that were stolen from Eindhoven in a home in Vlijmen. A man was arrested for the possession of stolen property, the police announced in a statement on Wednesday.
A bitcoin miner is a powerful computer used to approve global transactions in the bitcoin network. Owners who use their computers for bitcoin mining, are rewarded in the form of bitcoin or other cryptocurrency.
Despite being called a currency, Bitcoin lacks many of the very important characteristics that currencies have, Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), said in an interview with Bloomberg. The extreme volatility of the biggest cryptocurrency alone undermines its use as an actual currency, and it is also not broadly accepted, Dutch man said.
Bitcoin's value fell about 25 percent on Tuesday. Since touching 20 thousand dollars on December 17th, the cryptocurrency's value dropped over 49 percent.
Dutch investors association VEB warns investors against companies that are using the cryptocurrency hype to attract investors and boost share prices by adding "bitcoin" or "blockchain" to their name. According to the association, this is very reminiscent of the dotcom bubble, when companies added '.com' to their names to suddenly increase their share prices without actually changing the company fundamentally, accountant.nl reports.
The Netherlands' Fraud Helpdesk is noticing a considerable increase in the number of fraud reports revolving around cryptocurrency Bitcoin. There are no exact figures yet about how many people reported Bitcoin fraud to the helpdesk, but that this type of fraud is increasingly common is very clear, Tanya Wijngaarden of the helpdesk said to BNR.
A new analyst note produced by investment bank Morgan Stanley suggests that the world’s most used cryptocurrencies will consume significantly more energy globally than the entire amount of electricity produced in the Netherlands this year. As much as 140 terawatt-hours of electricity will be used in the cryptocurrency field next year, speculates analyst Nicholas Ashworth in a memo published on Wednesday.
Clients of the self-proclaimed "biggest Bitcoin factory of the Netherlands" have launched court proceedings against Koinz Trading, considered one of the first Dutch businesses to trade in Bitcoin. Based in Lelystad, the company is now facing off against a client who accuses them of fraud.
The client's attorney, Marco Kalmijn, believes others are planning to press legal action as well. He accuses the companies of giving excuse after excuse instead of contractual payments, Kalmijn told the Volkskrant.
Minister Wopke Hoekstra of Finance warned Dutch investors about the risks involved in trading in Bitcoins and other cryptocurrencies. The price of the largest cryptocurrencies plummeted last week.
The Finance Ministers of France and Germany are calling for the world's top economic powers to debate Bitcoin and cryptocurrency regulation at the G20 summit in Argentina next year. The Netherlands does not form part of the G20 - the 20 largest economies in the world - but was invited to participate in the summit by host country Argentina.
Bitcoin fever is reaching great heights in the Netherlands. Over the first nine months of this year trading platform BTC Direct registered 44 thousand bitcoin transactions by Dutch customers in which a total of over 25 million euros was spent, buying 11 thousand bitcoins, AD reports.
Joost van Doorn - believed to be a Dutch man behind an Ethereum-based startup called Confido - apparently disappeared with around 318 thousand euros of his investors money. It is not quite clear whether Joost van Doorn actually exists, but it seems increasingly clear that the people who paid for the Confido launch will not see their money again, RTL Nieuws reports.
New digital cryptocurrency coins that some start-ups use as a form of investment fundraising are vulnerable to deception, fraud, and manipulation, the Dutch financial markets authority AFM cautioned. Investors in the Netherlands were formally warned by the authority, as well as the Dutch central bank, that they should avoid Initial Coin Offerings, or ICOs, as they are not unreliable.
Over the past days the Belgian police arrested three people suspected of money laundering via bitcoins. One of the suspects is a 24-year-old Dutch man called Tommie V., the Telegraaf reports. He was arrested on Saturday.
Compared to the United States, Europe is always ahead in terms of adopting the latest payment and financial technologies. In 2014, The Guardian reported that America is ‘a decade behind Europe’ in terms of adopting the chip and pin cards that have reduced data theft, due to the former’s strict regulatory rules. Today, European countries, especially the Netherlands, are keen to adopt the latest fintech.
The person who has been placing bombs at a number of Jumbo stores is demanding a large amount of bitcoins to stop. The police have released information about the case in the hopes that this will bring in tips that will lead to the perpetrator's arrest.
Police raided a house in Sneek, Friesland and arrested three people suspected of cannabis cultivation and money laundering last week. A financial investigation showed that two of the suspects received 440,000 euros in the virtual currency, Bitcoins, police states in a press release.
Two of the six Bitcoin ATM's in Amsterdam were stolen in the last four weeks. The ATM's were located at the Thai restaurant Warie's Thai Food on Rozengracht in Amsterdam and at cafe ' Hofje van Wijs on Zeedijk, Het Parool reports.
A Spar location in central Arnhem is now believed to be the first supermarket in the Netherlands to take Bitcoin as a form of payment. It is one of forty stores there that accept the digital currency, Arnhem Bitcoinstad announced last week.