n nn nn On March 21, 2019, Dutch news outlet NL Times reported that Berry van M., 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 bitcoin mining scheme.The report claims that van M. was the director of companies that sold computers for mining Bitcoin since 2017 and that he managed the computers in a so-called mining farm. He convinced investors that the
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Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform Forcefield
n Dutch bank ABN AMRO is launching a blockchain-based inventory tracking platformn
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Familiar Bitcoin Scam Defrauds Dutch Investors of $1.9 Million and Counting
A Bitcoin scam that has been tried many times over the last few years appears to be having a lot of success in the Netherlands. It has so far, it is believed to have racked up at least .92 million since the start of 2018.
The premise is simple. Create a legitimate looking crypto investment platform website, claim huge returns on investments, and advertise it will a celebrity’s image. Easy.
Bitcoin and Celebrities Used to Line Scammers’ Pockets
There have been loads of examples of the “fraudulent celebrity” scam in the Bitcoin and crypto space over the years. There are fake accounts all over Twitter offering to send the most naive of the platform’s users digital currency if the follower first makes a small deposit with them.
The problem got so rife last year that many prominent figures in the industry changed their handles to categorically state that there would never give away free crypto. In fact, two crypto reporters even penned an article for Bloomberg denouncing their fake accounts and stating that they were nothing to do with the dishonest use of their names.
A not-all-too-dissimilar scam is currently plaguing the Netherlands. According to a report in domestic news publication NL Times, this version involves pop-up online advertising promising sensational returns on investments. Fake testimonials are provided by celebrities along with an image of them. For the unsuspecting victim, this gives legitimacy to the platform.
The Dutch Fraud Desk states that it has received complaints relating to five Bitcoin investment schemes. Together, they have managed to defraud investors out of 1.7 million euros (about .92 million). It is not currently clear if the five are operated independently or not.
Dutch celebrities featured in the fraudulent advertisements include internet entrepreneur Alexander Klöpping, media tycoon John de Mol Jr., pop star Waylon, and TV presenter Humberto Tan. The Bitcoin investment ads have been reported on social media platforms such as Facebook and Instagram. The following is example of the kind of marketing tactics used:
“The most recent investment of Alexander Klopping is terrifying big banks.”
According to Fraud Desk representative Andre Vermeulen, reports involving crypto investment platform advertisements featuring celebrities without their permission occur on a daily basis. He went on to state:
“If you realise fairly quickly, the damage is limited, but sometimes people are tempted to invest thousands of euros.”
NewsBTC has previously reported on the same scheme being attempted in the UK and Ireland using the image of members of the panel of investors from the series Dragon’s Den. Likewise, The Apprentice’s resident tycoon Lord Alan Sugar was targeted. He responded:
WARNING: Please ignore an advert from Bitcointrader suggesting I endorse their offerings. They are SCUM it is a total scam. Please pass this on to all your friends particularly the elderly who are falling for this terrible scam #BITCOINTRADERSCAM
— Lord Sugar (@Lord_Sugar) May 15, 2018
Given the hype that surrounds cryptocurrency as an investment opportunity, the “get-rich-quick” mentality that often accompanies it, and the incredibly low cost of running such a scam, it is hardly surprising that there have been so many versions of it attempted.
The sum of money reported by the Dutch Fraud Desk highlights that it is extremely successful too. To our knowledge, this is the first time any figures have been associated with any such fake celebrity Bitcoin-focused scam.
Related Reading: Analysts Convinced Bitcoin Bottom Is Finally In, New Highs Inevitable
Featured Image from Shutterstock.
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Dutch Crypto Firm Libereum Acquires Spanish Soccer Club Elche CF
n Dutch crypto firm Libereum has acquired Spanish soccer club Elche CF for .9 million, aiming to raise revenue via tokenizationn
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Samsung Partners with Dutch Bank and Port to Pilot Blockchain Solution for Shipping Industry
Samsung has announced a partnership with Dutch bank ABN AMRO and Rotterdam Port Authority to build a shipping and logistics business based on distributed ledger technology.
Samsung’s NexLedger to Test Compatibility with R3’s Corda in Pilot Project for Shipping Industry
The South Korean technology giant will be responsible for linking its blockchain platform Nexledger to ABN AMRO’s distributed platform Corda, built with the major consortium R3. The pilot project will aim to simplify transactions with the Rotterdam port, including confirmation of receipt and payment, and real-time sharing of documents, says the announcement.
The project will verify the compatibility between Samsung SDS and ABN AMRO’s blockchain platforms. The latter is specialized in financial transactions and was built by the R3 consortium, which includes some of the world’s largest financial institutions including Barclays, Credit Suisse, Goldman Sachs, JPMorgan, UBS, Citi, Deutsche Bank, Banco Santander, and many more.
Samsung SDS’ distributed ledger platform Nexledger was designed for enterprises and was tested in the logistics field last year by a consortium project of marine logistics. This included the participation of 38 entities, including government, companies, and research institutes.
Kim Hyung-tae, vice president of the logistics division at Samsung SDS, sees the pilot project in partnership with ABN AMRO and the Rotterdam Port as an opportunity for the business relationship between Europe and South Korea as well as one more step for blockchain.
“We have been very interested in the case of logistics blockchain in Korea and Europe which has led to this project. It will be an opportunity to increase the competitiveness of the logistics business and expand the blockchain business globally.”
The pilot project will study the flow of payments, administration, and the physical transportation of containers with the goal of developing a functional and efficient platform for the shipping industry, according to Daphne de Kluis, chief executive of Commercial Banking at ABN AMRO.
“We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitization of paper documentation such as waybills and the financing of handled freight or services. The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers. This will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.”
The three companies participating in the project plan to commercialize the blockchain solution for the freight transport industry worldwide.
Featured image from Shutterstock.
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Dutch Supermarket Giant Adopts Blockchain to Make Orange Juice Production Transparent
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Dutch Speed Trader to Enter the Crypto Space with ETNs Based on Bitcoin and Ether
Europe’s largest trader of exchange-traded funds, or ETFs, is taking steps into the cryptocurrency space in attempts to capitalize on the volatility of the current market. This is despite the fact that its regulator urges against buying and selling the coins.
Flow Traders Moves into Crypto
According to co-CEO Dennis Dijkstra, the Amsterdam-based speed trader Flow Traders will be the first to offer exchange-traded notes (ETNs) based on Bitcoin and Ether. Another firm, Sweden-based XBT Provider (an issuer of crypto ETNs) said that Flow Traders has “dramatically increased” the trading of its securities in the last few months.
Currently, several U.S. speed traders are making markets in cryptocurrency futures or the underlying currencies. Of note is that Flow Traders is the first firm — Europe, U.S., or otherwise — to disclose it’s buying and selling crypto notes listed on regulated stock exchanges, according to Bloomberg.
Moving forward, Dijkstra believes that publicly traded notes or funds will broaden the appeal of digital currencies as an asset class by providing a straightforward and cheaper way of investing in the the coins.
“People underestimate crypto,” Dijkstra said. “It’s big, and it is to be regulated very soon. The market participants are much more professional than people think. Institutional investors are interested – we know they are because we get requests.”
Dutch Authority for the Financial Markets
Despite this enthusiasm from investors, Flow Traders’ regulator, the Dutch Authority for the Financial Markets (AFM), is against the move into the crypto space, primarily because they don’t regard digital currencies to be an asset class. That said, there isn’t much the watchdog can do to stop a firm from trading regulated securities or derivatives on a regulated exchange. In a statement, Nienke Torensma, a spokesperson for the AFM, said:
“We discourage activities in cryptos both by consumers and professional license holders. By virtue of its newness and the anonymity it potentially offers, it is very prone to abuse. Given its inability to serve the promised purpose as a currency, we don’t regard it to be an asset class.”
Flow Traders traded 244 billion euros (4 billion) of ETFs globally in the first quarter of 2018, including 143 billion euros in Europe, making it the region’s biggest trader of the securities.
Like its rivals, last year’s weak trading volumes in its core market was what prompted Flow Traders to move into the crypto space. Digital currencies are particularly attractive because speed traders make the most money in the most volatile markets.
“With the growing interest from institutional clients willing to invest in digital assets, I can see why so many proprietary trading businesses are now focusing on this new asset class,” Laurent Kssis, managing director at XBT Provider, said.
Featured image from Shutterstock.
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Dutch Startup Launches a New Platform for Crypto Advertisement
The digital advertising market is growing rapidly, but the problem of quickly increasing brand awareness still persists and is a real pain for companies running ICO or token sales. Today we want to announce a new platform for an easy global advertisement for the crypto-audience from one of the most successful Dutch Blockchain startups.
According to a forecast by Statista, the online advertising market will grow at double-digit pace until at least 2022. Analysts expect it will reach 1 bln in 2018 and reach 0 bln by 2022. Such large numbers are calling for new ways of interacting in terms of digital ad placement, buying, and selling. Many companies are offering their own solutions to pay for digital ads with some using Blockchain, but the AdCoin project is distinguished by its new crypto-oriented platform AdCoinClick, developed specifically for crypto projects.
Recently local media in The Netherlands described AdCoin as a new and effective cryptocurrency to pay for digital ads. Today, however, AdCoin is launching a new tool for the global advertisement of Blockchain-based projects. The AdCoinClick platform offers launching or publishing ads in just a few clicks using the AdCoin Blockchain to enable low transaction fees and no minimum budgets for campaigns.
The team managed to launch their own secure cryptocurrency, aimed only for online advertising. This allows them to maintain a stable exchange rate.
Publishers will receive AdCoin for their banners and traffic, and convert them to other currency or use it to promote their own projects. AdCoinClick already has partnerships with top-tier publishers and networks, so you just need to have some AdCoin to start promoting your brand.
Good for everyone
The team has already developed several integrations for platforms like WooCommerce and Dupral. Now they are going to finish the standalone WordPress ad plugin that will allow individual publishers to maximize traffic revenue. Currently, every third-party, project or company can develop tools using the AdCoin API and PayPal-like payment gateway.
A new platform solves several digital advertisement issues at once. First, it allows you to skip different banking operations and wire transfers. Second, there is only a tiny fee to pay for your advertisement globally. Third, it is targeted to crypto-oriented people who are looking for new great projects or ICO’s to invest in. AdCoinClick helps attract attention to the project during its ICO to find new investors, customers, and miners for emerging projects from any country, paying for advertisements from a single crypto-wallet.
In a world of rapid ICO’s and ever-changing rules, the ability to promote yourself effectively with minimal effort is very important. The new AdCoinClick platform could become a useful asset for numerous Blockchain startups around the world.
The post Dutch Startup Launches a New Platform for Crypto Advertisement appeared first on NewsBTC.
Dutch Finance Minister Joins Australia in Warning Public of Cryptocurrency Scams
Amid the rising number of crypto-related scams that are coming about with the ever-increasing popularity of cryptocurrencies, Finance Minister Wopke Hoekstra outlined his concerns over the recent rapid boom in the popularity of the coins in a six-page letter to the Dutch House of Representatives and the Senate.
Hoekstra argued that there has been little time to understand and react to the changing landscape, and that the current supervision and regulatory framework is ill-equipped to deal with it; because of the cross-border nature of the technology and markets, closing those gaps requires a unified approach across governments and borders.
Like many other policymakers, Hoekstra sees the value in promoting and developing the technology behind cryptocurrencies — specifically blockchain technology. However, in addition to the concern over fraud and hacking, the minister also expressed concern over the immature and unregulated nature of the market and how to better inform consumers of the potential risks.
Elsewhere
The Australian Taxation Office (ATO) has also issued a warning to the public: be wary of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrencies as a form of payment for fake tax debts. Officials in other countries are calling governments and citizens alike to be wary of cryptocurrencies, too. According to a statement from the agency, so far, ,000 has been paid in Bitcoin to scammers claiming to be its representatives — and this number is sure to increase.
Kath Anderson, the Assistant Commissioner of the ATO, describes the situation as follows: “Cryptocurrency operates in a virtual world, and once the scammers receive payment, it’s virtually impossible to get it back. Scammers are constantly adapting their methods to maximize their chances of picking your pocket. Unfortunately, it was inevitable that scammers would target cryptocurrency given its current popularity and anonymity.”
In attempts to decrease the likelihood of this continuing to happen, the ATO is warning taxpayers that scammers are constantly changing their methods — now looking to increase their gains using cryptocurrencies. In 2017, the ATO received almost 80,000 reports of scams and more than .4 million dollars were lost to scammers that claimed to be from the agency. Another strange aspect is that almost 1/3 of victims didn’t use cash or cryptocurrencies but reportedly paid their scammers in iTunes gift cards — 0,000 worth.
The ATO reiterates in its statement that phone calls that threaten with legal procedures or calling the police, are not from the ATO office. The agency also suggests that scammers will try to steal personal and private information like home addresses, first and last names, bank account numbers and other sensitive data — information the ATO won’t be calling to ask for over the phone.
“If you receive a phone call out of the blue, threatening police or legal action if you don’t pay a debt, or the person calling you is rude and aggressive, hang up, it won’t be the ATO. Any call-back number provided should be checked via an independent internet search to ensure you are calling the ATO,” reads the statement.
The post Dutch Finance Minister Joins Australia in Warning Public of Cryptocurrency Scams appeared first on NewsBTC.
Dutch Finance Minister Calls for ICO Regulations
The finance minister of the Netherlands has called for new regulations around cryptocurrencies and initial coin offerings.
CoinDesk