Dutch law enforcement officials have detained two individuals accused of using counterfeit EURC tokens to purchase authentic Rolex watches through a cryptocurrency fraud operation.
Fraud scheme targets online sellers
Authorities stated that the suspects, aged 24 and 45, allegedly approached sellers on Marktplaats, a well-known Dutch online marketplace for classified ads and secondhand goods. The pair reportedly arranged purchases of luxury watches, convincing sellers to accept EURC tokens as payment.
The victims believed they received genuine EURC coins, a legitimate euro-pegged stablecoin, and subsequently handed over their Rolex watches. Only later did they discover that the tokens transferred were fake and unbacked by any real value.
Several sellers reported such incidents to the Oost-Nederland police unit in August 2025. Officers began an investigation to trace the flow of fraudulent payments and identify the perpetrators of the scheme.
The Oost-Nederland police unit reported that sellers believed they had received real EURC tokens but later discovered that the cryptocurrency was counterfeit, resulting in the loss of their Rolex watches.
Counterfeit EURC tokens difficult to detect
Police noted that the counterfeit EURC used in this operation was designed to closely mimic the appearance and technical details of the legitimate EURC stablecoin, making it difficult for even experienced crypto users to spot the fraud at first glance.
Authorities have not disclosed the technical methods used to create these fake tokens. However, they emphasized that unofficial coins may adopt the names and symbols of well-known cryptocurrencies, creating confusion for buyers and sellers on blockchain networks.
Mini dictionary: Marktplaats is a popular Netherlands-based online platform for buying and selling goods, including luxury items such as watches and jewelry.
Arrests and ongoing investigation
The two suspects were apprehended on Wednesday, September 9. The 45-year-old individual was released from custody but remains under investigation, while the 24-year-old is still being held.
Law enforcement officials continue to examine the possible involvement of the suspects in other cryptocurrency-related fraud schemes. The scope of losses and the number of potential victims are still being determined as forensic analysis of digital transactions proceeds.
Authorities urged sellers, especially those handling high-value luxury goods, to use payment systems they know and trust, cautioning that crypto transactions involving unofficial tokens can pose heightened risks.
Police advised the public to rely on familiar and trusted payment methods, cautioning that similar cryptocurrency frauds could affect other online sellers of luxury items.
The investigation into this case remains active as officers work with digital crime specialists to trace additional fraudulent activity linked to the suspects and prevent further incidents.
