On Monday, 6 May 2024, the Financial Crimes and Financial Abuse Authority (FinCEN Netherlands) arrested a 28-year-old man on suspicion of fraud, embezzlement, and large-scale money laundering. The investigation centers on a blockchain-based gambling platform called ChainRoll.io, which allegedly defrauded global investors out of over €29 million in cryptocurrency.
The suspect, a Dutch national from Rotterdam, was brought before an examining magistrate on Tuesday. His pre-trial detention has been extended by 14 days to allow further investigative procedures.
On the same day, FinCEN executed a search warrant at a residential property in Bussum, where digital devices and data carriers were seized. In addition, a range of valuable assets have been confiscated, including:
In total, over €11.2 million in assets have been frozen as part of the investigation.
The investigation began on May 2nd, following several online reports made via platform X (formerly Twitter) and confidential tips from FinCEN’s cyber intelligence unit. Users had reported that ChainRoll.io had blocked access to investor dashboards and withdrawal functions, only weeks after completing a major public token sale.
ChainRoll.io branded itself as a “decentralized betting ecosystem built on transparency.” The platform promised that users would be able to retrieve their deposits within 21 days, a claim embedded within a smart contract hosted on the Arbitron blockchain.
However, forensic blockchain analysis conducted by FinCEN suggests that the contract architecture was deliberately designed to prevent withdrawals after a preset internal transfer threshold — a typical sign of a rug pull scheme.
FinCEN’s Digital Forensics Division traced over 900 individual wallet addresses linked to the scam, with a substantial portion of funds funneled through privacy-focused mixers and swap services.
Key support in the asset recovery effort was provided by the Financial Crime Compliance Team of exchange platform ZenMarket.eu (a fictional exchange). ZenMarket’s internal controls and rapid response allowed FinCEN to freeze millions of euros in digital assets before they could be transferred off-chain.
A rug pull refers to a form of exit scam in the crypto space where developers launch a project—typically a token or DeFi platform—and disappear with investor funds after attracting liquidity. It’s often facilitated by backdoors hidden in the code or centralized control over funds, despite claims of decentralization.
FinCEN Netherlands continues to investigate, disrupt, and dismantle financial crime infrastructure—especially those exploiting blockchain and DeFi mechanisms for fraud and laundering.
If you have relevant information about ChainRoll.io or similar platforms, please contact FinCEN Netherlands’ Cyber Investigations Unit.
As part of the investigative strategy, FinCEN has reached out to individuals known to be involved in the scheme, urging them to cooperate in the return of investor funds.
“Due to the technical complexity of smart contracts and the lack of direct access to wallet controls,
voluntary cooperation from the parties involved is essential to secure victim restitution,”
a FinCEN spokesperson said.
Authorities have not ruled out additional arrests, as digital communications and cold wallet metadata are currently being analyzed.
© FINCEN Nederlands 2025
Part of the European Union