Netherlands Court Rules Cryptocurrency Platform Knacoon Bankrupt Over Lost Funds

The Netherlands Court ruled cryptocurrency platform Knacoon CryptoHandel BV and its affiliated foundation bankrupt after losing 7 million euros in customer assets. The court determined bankruptcy was necessary for orderly settlement as the company blocked platform access, lacked sufficient funds to return all customer assets, and failed to provide users adequate information to assess their legal standing. Dutch public prosecutors initiated criminal investigations into the lost funds following the bankruptcy filing, while the Financial Crime Agency seized assets in June. Knacoon, established in Rotterdam in 2017, had been offline since early June and was not listed as a registered cryptocurrency asset service provider with the Dutch Financial Markets Authority, which had already begun enforcement actions against unlicensed providers.