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Dutch court declares Knaken Cryptohandel bankrupt over missing user funds
The Rotterdam court said bankruptcy was needed because Knaken lacks enough assets to fully repay customers whose assets, prosecutors said, include 7 million euros in missing funds.
A Dutch court in Rotterdam has declared Knaken Cryptohandel BV and its affiliated foundation bankrupt after prosecutors alleged 7 million euros, about $8 million, in customer assets were missing, according to Cointelegraph.
The ruling said a bankruptcy process is necessary for an orderly settlement because the company has insufficient assets to fully repay users, and customers also lacked enough information to assess their legal position.
The Netherlands’ Public Prosecution Service filed the bankruptcy petition on June 30 after launching a criminal investigation into the missing funds, and the financial crime investigation service raided the firm in late June, seizing devices and assets.
Knaken, founded in Rotterdam in 2017, went offline in early June and does not appear in the Dutch Authority for the Financial Markets register of authorized crypto-asset service providers, Cointelegraph reported, noting Dutch enforcement intensified after the Netherlands ended its MiCA transition period on June 30, 2025.