{"id":20074,"date":"2019-05-21T16:56:15","date_gmt":"2019-05-21T16:56:15","guid":{"rendered":"http:\/\/ci027cfe7020092697"},"modified":"2019-05-21T16:56:15","modified_gmt":"2019-05-21T16:56:15","slug":"dutch-man-arrested-111-million-fake-mining-scheme","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/dutch-man-arrested-111-million-fake-mining-scheme","title":{"rendered":"Dutch Man Arrested for $111 Million Fake Mining Scheme"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/dutch-man-arrested-for-111-million-fake-mining-scheme.jpg\" title=\"\"><\/figure>\n<p>On March 21, 2019, Dutch news outlet <em>NL Times<\/em><a href=\"https:\/\/nltimes.nl\/2019\/05\/21\/gelderland-man-arrested-eu2-mil-bitcoin-fraud\" target=\"_blank\" rel=\"noopener\">reported<\/a> that \u201cBerry van M.,\u201d a 33-year-old Dutch businessman and the operator of now-defunct trading platform Koinz Trading, has been arrested on charges of deceiving investors with a bogus <a href=\"https:\/\/bitcoinmagazine.com\/bitcoin-mining\">bitcoin mining<\/a> scheme.<\/p>\n<p>The report claims that van M. was the director of companies that sold \u201ccomputers for mining Bitcoin\u201d since 2017 and that he \u201cmanaged the computers in a so-called \u2018mining farm.\u2019\u201d He convinced investors that they would receive returns of 0.3 BTC per month. But when the investors did not receive these funds and found that they could not get their hands on the hardware they had invested in, they contacted the police.<\/p>\n<p>In total, the report claims that van M. raised investments totaling about \u20ac100 million (approximately $111 million). But instead of using the investments to purchase mining rigs, he used them to bankroll a lavish lifestyle.<\/p>\n<p>\u201cThe man spent the money received from investors on all kinds of luxury items like cars, motorbikes, traveling and gambling,\u201d per the report.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Dutch news outlet has reported the arrest of a local man on charges of deceiving investors with a bogus bitcoin mining scheme.<\/p>\n","protected":false},"author":3435,"featured_media":20075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1722,189,2140,648,2368,1745],"class_list":{"0":"post-20074","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-arrest","9":"tag-bitcoin-mining","10":"tag-dutch","11":"tag-fraud","12":"tag-justice","13":"tag-scams"},"author_data":{"id":3435,"name":"Jimmy Aki","nicename":"jimmy-aki","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/jimmy-aki-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/dutch-man-arrested-for-111-million-fake-mining-scheme.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3435"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=20074"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/20075"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=20074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=20074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=20074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}