TechFlow reports, on July 17, according to Cointelegraph, the Rotterdam Court in the Netherlands declared cryptocurrency platform Knaken Cryptohandel BV and its associated foundation bankrupt, as the company lacked sufficient assets to fully repay users after freezing platform and account access. Prosecutors stated that approximately 7 million euros in customer assets are missing and have launched a criminal investigation. The court stated that bankruptcy proceedings will be used to facilitate orderly liquidation, while noting that users currently lack sufficient information to assess their legal standing.
Knaken had previously ceased operations in early June and was not listed on the Dutch Authority for the Financial Markets' list of authorized crypto-asset service providers.
