Dutch prosecutors have sold the remaining crypto assets recovered from the collapsed platform Knaken, raising approximately €2.2 million. The funds will enter the bankruptcy estate for subsequent creditor claims, but remain limited compared to the scale of affected customers' funds.
The platform will be offline in June.
Knaken's issues became public in early June 2026. Customers were subsequently unable to log in to their accounts or withdraw their balances. The platform ceased operations after failing to obtain the regulatory license required to continue serving clients in the Netherlands, following the implementation of the EU’s new crypto regulations.
At the time, the company stated it was preparing for an orderly market exit. However, prosecutors were concerned that customers had not been compensated. Subsequently, the Dutch Authority for the Financial Markets (AFM) alerted the prosecutors, prompting them to launch a criminal investigation.
The court approved the bankruptcy application.
The Dutch Financial Intelligence and Investigation Service (FIOD) conducted raids on locations related to Knaken, seized electronic devices, and took control of certain assets. By the end of June, the prosecution applied to the court to declare the company bankrupt, citing a shortfall of approximately €7 million in customer funds.
- On June 30, the prosecution formally filed for bankruptcy.
- On July 16, the Rotterdam District Court approved the application.
- The prosecution subsequently sold the cryptocurrency assets, recovering approximately €2.2 million.
The court stated that there was a significant shortfall in customer funds, and the case must be handled through bankruptcy proceedings. Although Knaken argued that court intervention was unnecessary and that existing assets could be distributed directly to customers, the court determined that its assets are insufficient to fully repay all clients.
Approximately 30,000 customers are affected.
Early estimates suggest that Knaken had approximately 30,000 customers. Founded in Rotterdam in 2017, the company expanded its visibility through football sponsorships, partnering with clubs such as Feyenoord, Sparta, Heracles, and Heerenveen, and briefly engaging with Ajax.
These sponsorships helped establish a consumer-facing brand image, but the €2.2 million recovered so far represents only a small portion of affected customers' balances. The bankruptcy administrator and Dutch authorities are still investigating the whereabouts of assets and the funding shortfall.