u.today
22 September 2026 11:53, UTC
Dutch police have arrested two men accused of using counterfeit $EURC tokens to buy real Rolex watches in an unusual cryptocurrency fraud scheme.
The suspects allegedly targeted sellers on Marktplaats, a major Dutch online marketplace.
They arranged payments for luxury watches with $EURC before transferring fake crypto that seemed to be genuine.
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According to NL Times, citing the Oost-Nederland police unit, several victims reported being defrauded in August 2025.
The sellers believed they had received legitimate $EURC and handed over their Rolex watches.
$EURC is a legitimate euro-denominated stablecoin. However, blockchain users can encounter unofficial tokens that imitate the names and symbols of legitimate crypto.
Police said the counterfeit cryptocurrency used in the alleged scheme was difficult to distinguish from genuine $EURC.
Authorities have not publicly detailed exactly how the counterfeit tokens were created.
Two suspects, aged 24 and 45, were arrested on Wednesday, Sept. 9.
The 45-year-old suspect has since been released from custody but remains under investigation.
Authorities advised people to rely on payment methods they understand and trust.
The investigation remains ongoing. Police are currently examining whether the two suspects may be connected to additional cryptocurrency fraud cases.
