Dutch police arrested two men on September 9, 2025 in connection with a cryptocurrency fraud scheme involving fake EURC tokens. According to reports from Oost-Nederland police and NL Times, investigators arrested a 24-year-old man from Geleen and a 45-year-old man from Leiden after tracing reports dating to August 2025. The investigation began when multiple Rolex sellers reported similar encounters where buyers contacted sellers on Marktplaats, the Netherlands' large online marketplace, and arranged to settle purchases using EURC tokens. Sellers agreed to accept EURC as payment and released their watches after seeing tokens arrive, only to discover later that the assets had no value. As reported by CoinDesk, the suspects first agreed with sellers to pay using EURC, then transferred counterfeit tokens that closely resembled genuine ones.
Authorities described the counterfeit tokens as 'at first glance indistinguishable' from legitimate EURC, as reported by Oost-Nederland police and CoinDesk. In one case described by investigators, a seller from Almelo listed a Rolex and later met a prospective buyer. The seller watched a cryptocurrency transfer arrive before handing over the watch, but when he later tried to convert the received tokens into euros, he learned that they were worthless. The police release does not identify the blockchain involved, provide wallet addresses or transaction hashes, or explain how the fake tokens were created. Police have not disclosed how many Rolex watches were obtained, their total value, or the number of confirmed victims. According to CoinDesk, on-chain anyone may create tokens with similar names or symbols to EURC, and if such tokens appear in wallet interfaces or transfer records in a way that closely resembles the genuine asset, ordinary users may struggle to identify them immediately.
EURC itself is a legitimate euro-denominated stablecoin issued by Circle Internet Financial Europe SAS. According to Circle's official documentation, each genuine EURC is backed by euro reserves and designed to remain redeemable at one euro. As of September 17, 2025, Circle reported approximately €411 million of EURC in circulation. The issuer operates under the European Union's Markets in Crypto-Assets framework, with reserves consisting of euros or euro-denominated assets held in segregated accounts with regulated financial institutions. Circle currently lists native EURC support across Avalanche, Base, Ethereum, Solana, Stellar and World Chain through Circle Mint infrastructure.
Following the arrests, police searched the home of the 24-year-old suspect from Geleen and found firearms and drugs, according to the official statement. An examining magistrate ordered the Geleen suspect held for 14 days. The 45-year-old man from Leiden has been released from custody but remains a suspect in the cryptocurrency fraud investigation. According to CoinDesk, currently law enforcement agencies are investigating whether the two individuals are connected to other cryptocurrency fraud cases. Police warned that counterfeit assets may initially appear convincing to someone unfamiliar with cryptocurrency, advising sellers to use payment methods they understand and trust. The case appeared on the Dutch investigative television program Plaats Delict in November 2025, with a viewer recognizing one suspected participant and supplying a tip that led to further investigation.
