Police in the Netherlands have arrested two men in an investigation into alleged cryptocurrency fraud involving counterfeit EURC tokens and Rolex watches sold through Marktplaats. The suspects, aged 24 and 45, are accused of arranging watch purchases and then paying with tokens that appeared to be Circle’s euro-backed stablecoin but were later found to be worthless.
According to police, several sellers handed over Rolex watches after seeing the tokens arrive in their wallets. The cases came to light after multiple victims reported similar transactions in August 2025.
How the alleged scheme worked
Investigators said the suspects approached Rolex sellers on Marktplaats and agreed to settle the deals in EURC. Sellers reportedly saw tokens appear and completed the handover, only discovering later that the assets had no value.
Police said the counterfeit tokens looked identical to genuine EURC at first glance. Authorities have not disclosed which blockchain was used, what wallet software was involved, or how the fake tokens were created.
Why the tokens may have looked convincing
The case highlights a basic weakness in how some wallet interfaces display assets. A wallet can show a token name and a balance without establishing whether the issuer is legitimate or whether the token has any real market value.
In this investigation, police said that visual similarity appears to have played a central role. Sellers believed they had received Circle’s EURC stablecoin, but the tokens involved were allegedly counterfeit.
Arrests and evidence seized
Dutch police arrested two men, aged 24 and 45, as part of the probe. During a search of the Geleen suspect’s home, officers found firearms and drugs.
One of the suspects has been remanded in custody for 14 days. The second man has been released, but police said he remains under investigation for cryptocurrency fraud.
What investigators are still trying to determine
Authorities are now examining seized data-storage devices and checking whether the suspects may be linked to other fraud cases. Police have not published a final count of victims or an estimate of total losses.
For now, several elements remain unconfirmed, including the full scale of the alleged scam and the technical method used to make the fake EURC appear genuine. The next confirmed step is the continued forensic review of the seized devices as investigators assess whether additional cases are connected.
Source: crypto.news