Dutch authorities have arrested two men suspected of using counterfeit tokens masquerading as Circle’s euro-denominated stablecoin EURC to purchase Rolex watches from sellers on Marktplaats, the Netherlands’ large online marketplace. The arrests took place on Sept. 9 after investigators traced reports dating back to August 2025.
According to Oost-Nederland police, buyers contacted people advertising Rolex watches, agreed to pay in EURC, and sellers handed over the watches after seeing what appeared to be legitimate token transfers arrive in their wallets. When victims later tried to convert the received assets into euros, they discovered the tokens were worthless. Police said the counterfeit assets were at first glance indistinguishable from genuine EURC.
The investigation gained traction after a seller from Almelo shared his experience on the Dutch investigative television program Plaats Delict in November 2025. A viewer recognized one suspect and provided a tip, which helped cryptocurrency specialists identify a second suspect. A 24-year-old man from Geleen and a 45-year-old man from Leiden were arrested. During a search of the younger suspect’s home, officers found firearms and drugs. The Geleen suspect was ordered held for 14 days, while the Leiden suspect was released from custody but remains under investigation for alleged cryptocurrency fraud.
Police have not disclosed how many Rolex watches were obtained, the total monetary value, or the number of confirmed victims. They also did not identify the blockchain involved, provide wallet addresses or transaction hashes, or explain how the fake tokens were created. Investigators are examining seized data-storage devices and checking whether the men are connected to other cryptocurrency fraud cases.
Circle, the issuer of genuine EURC, emphasized that the real stablecoin is fully backed by euro reserves and redeemable one-to-one for euros. EURC operates under the European Union’s Markets in Crypto-Assets framework as an e-money token. As of Sept. 17, Circle reported approximately €411 million of EURC in circulation, with native support across Avalanche, Base, Ethereum, Solana, Stellar and World Chain through Circle Mint infrastructure.
Dutch police warned that wallet displays can be misleading because blockchain networks allow unrelated developers to create tokens with similar names and symbols. They advised sellers to use payment methods they understand and trust, and to treat pressure to accept unfamiliar methods as a red flag. Before accepting large crypto payments, users should verify the token issuer, blockchain network and official contract information against the issuer’s published records.
Similar token-impersonation techniques have appeared elsewhere, including fake stablecoins targeting exchanges on TON and tokens impersonating established crypto brands that prompted CoinMarketCap warnings. Those cases are not connected to the Dutch investigation but underline that a ticker symbol or logo in a wallet does not prove an asset’s origin.
