Crypto exchange Huobi Global has been forced by a court in Amsterdam to provide fraudster data to a Dutch crypto scam victim who saw €1.5 million worth of crypto go up in smoke last year. The criminal organization behind the scams ended up with the stolen loot in a wallet on Huobi Global.
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1.5 million euro crypto scam
It all started last year when a man from Weesp came into contact with a foreign party through a fake advertisement offering to mediate a strike. By staking, you contribute to the transaction validation and security of a Proof-of-Stake (PoS) blockchain in exchange for rewards.
The victim had transferred not only his own money to the fraudsters, but also money from his father and his private company. In total, just over 1.5 million euros were transferred to the foreign company.
In October last year, De Weesper concluded that he had been the victim of a fraud and immediately contacted the Fiscal Intelligence and Investigation Service (FIOD). The FIOD discovered that the crypto funds were in a wallet owned by Huobi Global, which has also previously been implicated in crypto fraud.
Victim wins emergency case against crypto exchange
The victim had asked Singapore-based Huobi Global to reveal the scammer’s details, but the company didn’t show up.
For this reason, the injured party filed urgent proceedings against the stock exchange. This summer, the preliminary judge already ruled that Huobi Global must freeze the wallet in question so that no transactions can be carried out with Weesper’s crypto coins.
On November 10, the judge ruled that Huobi Global must provide all wallet holder details within 24 hours of receiving the ruling. These include the full first name, last name, address, postal code and place of residence. If the exchange does not pass on the information, there is a risk of a fine of 500,000 euros. This amount can be increased by 100,000 euros daily, up to a maximum of 2 million euros.
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