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Netherlands Knaken crypto exchange bankruptcy

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-07-28 19:43 UTC → 2026-08-17 09:07 UTC · added removed

The Rotterdam‑based Rotterdam-based exchange Knaken suffered a technical outage in early June 2026 that locked roughly 30,000 users out of their euro balances and crypto holdings. Regulators noted the platform was not listed on the Dutch AFM register and lacked the MiCA licence required in the EU. The company halted all services on 7 June, and Dutch prosecutors filed for bankruptcy later that month. On 17 July a Rotterdam court declared Knaken bankrupt after prosecutors identified about €7 million of missing customer funds. A raid on the exchange’s premises seized limited assets; the promised separate foundation for client funds never paid out. Judges ruled bankruptcy was the best way to protect the public interest, and customers are expected to recover only a fraction of their deposits. The court’s full judgment, published on 27 July, revealed a larger shortfall than previously disclosed. Active customers claimed over €8.6 million, of which €5‑5.5 €5-5.5 million was deemed unavailable. A 2020 hack that stole 23 BTC accounted for only a small part of the loss, and the court noted the deficit had been concealed for years. In the same proceedings, a separate claim by a Dutch investor against the algorithmic‑trading algorithmic-trading service Oxido was rejected because the lawsuit targeted a Costa‑Rica Costa-Rica paper entity rather than the advertised Dutch firm; no evidence was found that the investor had been advised to obtain a Palau digital residency ID to bypass regulations. In August 2026, Dutch prosecutors sold seized cryptocurrency from the platform for €2.2 million to mitigate market fluctuations. However, the court-appointed trustee, Carl Hamm, reported that approximately 6,300 customers had invested or loaned between €10 million and €12 million. Following bankruptcy costs and distributions, the trustee expects a final deficit of approximately €7 million to €7.5 million.

Versions

  1. 2026-08-17 09:07 UTC Netherlands Knaken crypto exchange bankruptcy
  2. 2026-07-28 19:43 UTC Netherlands Knaken crypto exchange bankruptcy

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