Dutch police have arrested two men accused of using counterfeit EURC tokens to obtain several Rolex watches from sellers on Marktplaats, the Netherlands’ large online marketplace.
Police said investigators arrested a 24-year-old man from Geleen and a 45-year-old man from Leiden on Sept. 9 after tracing reports dating to August 2025. Sellers had agreed to accept EURC as payment and released their watches after seeing tokens arrive, only to discover later that the assets had no value.
Authorities described the counterfeit tokens as “at first glance indistinguishable” from legitimate EURC. The police release does not identify the blockchain involved, provide wallet addresses or transaction hashes, or explain how the fake tokens were created.
The investigation began after multiple Rolex sellers reported similar encounters in August 2025. Buyers contacted people advertising watches on Marktplaats and arranged to settle the purchases using EURC, according to Oost-Nederland police.
In one case described by investigators, a seller from Almelo listed a Rolex and later met a prospective buyer. The seller watched a cryptocurrency transfer arrive before handing over the watch. When he later tried to convert the received tokens into euros, he learned that they were worthless.
The case later appeared on the Dutch investigative television program Plaats Delict in November 2025. Police said a viewer recognized one suspected participant and supplied a tip. Cryptocurrency specialists then carried out further work that led investigators to a second suspect.
Police have not disclosed how many Rolex watches were obtained, their total value or the number of confirmed victims. The official statement refers to multiple reports and several watches but gives no monetary loss estimate.
That lack of transaction information prevents the alleged payments from being independently matched to public blockchain records from the information authorities have released.
EURC itself is a legitimate euro-denominated stablecoin issued by Circle Internet Financial Europe SAS. Circle states each genuine EURC is backed by euro reserves and designed to remain redeemable at one euro.
Circle operates the token under the European Union’s Markets in Crypto-Assets framework. Its MiCA white paper identifies EURC as an e-money token and says reserves consist of euros or euro-denominated assets held in segregated accounts with regulated financial institutions.
As of Sept. 17, Circle reported approximately €411 million of EURC in circulation. The issuer publishes reserve information and monthly attestations designed to let users compare the outstanding token supply with the assets supporting it.
EURC supply passing €400 million in circulation in August, when Circle reported rising usage across exchanges, payments infrastructure and institutional platforms.
Circle currently lists native EURC support across Avalanche, Base, Ethereum, Solana, Stellar and World Chain through Circle Mint infrastructure. Other network integrations have expanded during 2026.
The Dutch police did not say which version or network the suspects allegedly imitated. A token carrying the same ticker or display name as EURC does not establish that Circle issued it, because blockchain networks can permit unrelated developers to create tokens using similar names and symbols.
Police warned that counterfeit assets may initially appear convincing to someone unfamiliar with cryptocurrency. A wallet can display a token name and balance without establishing whether the asset came from the legitimate issuer or has a market value.
Authorities advised sellers to use payment methods they understand and trust. Police said pressure from a buyer to accept an unfamiliar method should be treated as a warning sign.
Similar token-impersonation techniques have appeared elsewhere in crypto markets. Crypto.news previously reported on fake stablecoins targeting crypto exchanges on TON, where malicious actors sent counterfeit tokens designed to resemble legitimate USDT deposits.
Another case involved fake tokens impersonating established crypto brands, prompting CoinMarketCap to warn users that tokens carrying its name were not official products.
Those cases involved different methods and are not connected to the Dutch Rolex investigation. They show that a ticker symbol, logo or familiar token name inside a wallet interface does not independently prove an asset’s origin.
Circle’s official documentation provides supported networks and issuer information for EURC. Before accepting a large cryptocurrency payment, verification can include checking the token issuer, blockchain network and official contract information against the issuer’s published records.
Following the Sept. 9 arrests, police searched the home of the 24-year-old suspect from Geleen. Officers found firearms and drugs during the search, according to the official statement.
An examining magistrate ordered the Geleen suspect held for 14 days. The 45-year-old man from Leiden has been released from custody but remains a suspect in the cryptocurrency fraud investigation.
No charges, convictions or court findings establishing guilt have been announced in the material reviewed. The police statements describe both men as suspects and the allegations remain under investigation.
Investigators are examining seized data-storage devices and checking whether the men could be connected to other cryptocurrency fraud cases. Police have not announced additional suspects, further arrests or a final number of victims.
EURC
