Cryptocurrency CEO makes a fraud of $25 million arrested by Dutch Police

Dutch entrepreneur arrested for conning investors to the tune of $25 million in a fake bitcoin mining operation. As per De Gelderlander. 

The report pointed towards. Barry Van Mourik, who ran another cryptocurrency firm under the same suspicion and duped clients. The client were made to believe that they would earn money by mining bitcoins. 

The modus of operandi was he posted himself as a mining farm operator, he then accumulated the funds from the clients and spend the money on luxury items rather than purchasing mining equipment. 

Mourik’s resistance was later raided and seized all his luxury items. His other firm Koinz Trading was declared bankrupt in February this year. 

The total worth of computer components needed to undertake mining was €100 million and the entrepreneur got about €2 million. 

This has not happened for the first time, in February a scam took place in Thailand and conned 140 people and dupped them while running away with money worth $1.34 million. 

Bulgaria based OneCoin also scammed investors to the tune of $4 billion, the firm later shuts down.