Dutch crypto exchange Knaken declared bankrupt, €7M missing

A Dutch cryptocurrency exchange, Knaken, has been declared bankrupt by a court in Rotterdam, leaving tens of thousands of customers unable to access funds after prosecutors alleged approximately 7 million euros in client assets could not be accounted for. The ruling, issued on Thursday, July 16, 2026, also placed a related foundation established to safeguard customer deposits into bankruptcy.

The court determined that neither the exchange nor the foundation held sufficient assets to fully reimburse creditors. It rejected arguments from company representatives that an orderly shutdown outside of formal bankruptcy would better protect remaining assets, finding that a court-supervised proceeding was the most appropriate course. Prosecutors had requested the bankruptcy in June after receiving a warning about a very concerning situation at the company.

Knaken's website and mobile application became inaccessible in early June, preventing an estimated 30,000 users from viewing balances or withdrawing their cryptocurrency holdings. The court noted that customers could not have independently verified their funds because access was blocked before they were informed of the financial shortfall.