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Dutch police arrested a 24-year-old man from Geleen and a 45-year-old man from Leiden on Sept. 9, 2026, accusing them of using counterfeit EURC tokens to buy Rolex watches from sellers on Marktplaats, the country’s largest online marketplace.
According to investigators, sellers agreed to accept EURC for their watches after seeing what appeared to be successful crypto transfers. The sellers handed over the Rolex watches, only to discover later that the tokens they received had no value.
Police said the counterfeit tokens were, “at first glance,” difficult to distinguish from genuine EURC. However, authorities have not identified the blockchain, token contract addresses or transaction hashes involved in the alleged fraud.
The investigation began after multiple Rolex sellers reported similar transactions, according to Oost-Nederland police.
In one incident, a seller from Almelo advertised a Rolex and subsequently met a prospective buyer. After observing what appeared to be a cryptocurrency payment arriving in his wallet, the seller handed over the watch.
The problem emerged when the seller attempted to exchange the tokens for euros.
The cryptocurrency proved worthless, investigators said.
The case was later featured on the Dutch investigative television program Plaats Delict in November 2025. Police said a viewer recognized one of the suspected participants and contacted authorities with information.
That tip helped investigators move the case forward. Cryptocurrency specialists subsequently conducted further analysis that led police to another suspect.
Authorities have not disclosed how many Rolex watches were allegedly obtained or the total value of the losses.
The EURC Scam therefore remains an active investigation, with police still examining digital evidence and possible links to other cryptocurrency fraud cases.
The allegations do not mean that genuine EURC issued by Circle is fraudulent.
EURC is a legitimate euro-denominated stablecoin issued by Circle Internet Financial Europe SAS. Circle says genuine EURC is backed by euro reserves and designed to maintain a one-to-one redemption value against the euro.
Circle operates EURC within the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. Its documentation describes EURC as an e-money token backed by euro-denominated assets held in segregated accounts with regulated financial institutions.
Circle reported approximately €411 million of EURC in circulation as of Sept. 17, 2026.
The distinction is important: the Dutch investigation concerns alleged counterfeit tokens designed to resemble legitimate EURC, not evidence that Circle-issued EURC itself was counterfeit.
Blockchain networks can allow unrelated parties to create tokens using similar names, symbols or branding. As a result, seeing “EURC” displayed in a crypto wallet does not, by itself, prove that the asset was issued by Circle.
For sellers accepting cryptocurrency for expensive goods, checking the token’s official contract address and supported blockchain against information published by the issuer can provide an additional layer of verification.
The case exposes a weakness that can affect peer-to-peer cryptocurrency transactions: wallet interfaces can make an asset look legitimate without confirming its real-world value.
A token balance may appear immediately after a transaction, but that does not necessarily mean the recipient has received the legitimate asset they expected.
The EURC Scam allegedly exploited precisely that gap between what a wallet displays and what the underlying token actually represents.
The issue is particularly significant for marketplaces where buyers and sellers meet directly. Unlike traditional card or bank payments, cryptocurrency transfers can involve unfamiliar networks, token contracts and wallet addresses.
A seller who checks only the token name could therefore mistake an imitation asset for the genuine cryptocurrency.
Police have advised people to use payment methods they understand and trust, particularly when selling high-value items. Pressure from a buyer to accept an unfamiliar payment method can also be a warning sign.
Following the Sept. 9 arrests, Dutch police searched the Geleen suspect’s home.
Investigators said they found firearms and drugs during the search.
A magistrate subsequently ordered the 24-year-old suspect to remain in custody for 14 days. The 45-year-old suspect from Leiden was released but remains under investigation for alleged cryptocurrency fraud.
Police are now examining seized data-storage devices and investigating whether the suspects could be connected to additional cases.
No conviction has been announced, and the allegations against both men remain unproven.
The EURC Scam investigation also leaves several important questions unanswered. Police have not disclosed the blockchain used in the alleged transactions, the counterfeit token’s contract address, the number of affected sellers or the total value of the Rolex watches allegedly taken.
Those details could help establish how the counterfeit assets were created and how investigators traced them.
For now, the case serves as a reminder that a familiar token name inside a wallet is not sufficient proof of authenticity. For high-value cryptocurrency transactions, verifying the issuer, network and official contract before releasing goods can be critical.
The EURC Scam investigation remains ongoing as Dutch authorities examine the seized evidence and possible connections to other crypto-related fraud.
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