Dutch police arrest two in fake EURC stablecoin Rolex scam

The investigation, centered in the Oost-Nederland region, began in August 2025 after multiple watch sellers reported being defrauded. In a typical encounter, suspects met sellers in person and initiated a cryptocurrency transfer. While the transaction appeared to reflect in the victims' digital wallets, the assets were revealed to be fraudulent imitations only after the suspects had departed with the luxury timepieces. The breakthrough in the case arrived via the Dutch television program Plaats Delict, which aired details of the scheme in November 2025, prompting a viewer to identify one of the participants.

Police apprehended a 24-year-old man from Geleen and a 45-year-old man from Leiden on Sept. 9. A subsequent search of the Geleen suspect’s residence uncovered firearms and narcotics, leading a magistrate to order his detention for 14 days. The second suspect has been released but remains under active investigation. Authorities have not yet disclosed the total number of watches stolen or the aggregate financial loss caused by the ruse.

While the genuine EURC is a regulated stablecoin issued by Circle and backed by euro reserves, the suspects exploited the ease with which malicious actors can create tokens with identical tickers on public blockchains. Law enforcement officials warned that wallet interfaces can be deceptive, often displaying names and balances that mask an asset's lack of legitimacy. Investigators are now analyzing seized data devices to determine if the pair is linked to broader criminal activity.