About a hundred people reported to a lawyer because they said they had been defrauded by a 23-year-old “cryptocurrency investor” from Hengelo. Together, they may have lost millions, one victim estimates RT in the East.

The victims transferred large sums of money to the man, who invested them on their behalf in virtual currencies. The broadcaster reported that the investor announced yesterday that he had lost all his money, including his own money. He is now said to be missing.

The man is said to have gained a reputation in his immediate environment as a “crypto genius.” One victim told regional radio that the minimum investment was 5,000 euros. An earnings overview was regularly emailed to investors. They can pay it back or reinvest it. According to the regional channel, some people have already received “profits.” It is suspected that this was paid for with money invested by other investors, and was not actually a profit.

However, according to RTV Oost, the “dividend” provided good word-of-mouth advertising for the man, prompting more and more investors to sign up. This may have included a total of 300 people, according to the number of names on the mailing list seen by a reporter from the broadcaster.

Lawyer Arjun Timan investigates on behalf of investors the legal options available to victims. “We can take legal action against the person involved,” he told regional radio. “The other option is to focus on the professional parties such as the banks and cryptocurrency platforms involved.”

According to the lawyer, another option is to find out to what extent the bank can be held liable. “The question now, among other things, is to what extent does the bank have a duty of care if these amounts are deposited in the account of such a young man,” the lawyer said.

None of the investors filed a police report. “We look at what is reasonable. Whether victims should do it individually or whether it is possible for us to do it together and, for example, form an interest group for this purpose. It has often been done this way in the past.”

It is not known what happened to the money.