Knaken declared bankrupt: 7 million euros of client money gone
The Rotterdam court declared crypto firm Knaken bankrupt on July 16 at the request of prosecutors. Around €7 million in customer money is missing and 30,000 customers cannot access their funds.
The curtain has fallen for Knaken. The Rotterdam court declared the Dutch crypto firm bankrupt on July 16, 2026, at the request of the Public Prosecution Service (OM). According to prosecutors, roughly €7 million in customer funds is missing and around 30,000 customers are locked out of their balances.
From Feyenoord sponsor to bankruptcy
Founded in Rotterdam in 2017, Knaken was for years one of the best-known Dutch crypto platforms, sponsoring football clubs Feyenoord, Ajax and Sparta. On June 1, 2026, thousands of customers suddenly could no longer log in: the company shut down because it had failed to obtain a MiCA license, the European authorization required for crypto service providers in the EU since 2024/2025.
Prosecutors stepped in after AFM warnings
On June 30, the OM — which is also running a criminal investigation — filed for bankruptcy after signals from regulator AFM about a ‘very concerning situation’. The court agreed: substantial customer money has disappeared without a clear explanation, the platform is blocked, and the company lacks the funds to repay everyone.
Knaken opposed the bankruptcy and wanted to draw up its own distribution plan, noting the FIOD had already seized assets. The judge rejected this, observing that Knaken's website actively discouraged customers from taking action themselves.
What now for affected customers?
A trustee will now wind down the estate. Affected customers have already formed a collective for joint action. The key lesson for crypto users: choose a platform with a MiCA license and don't leave large balances on an exchange unnecessarily — not your keys, not your coins.
Sources: Rechtspraak.nl, Openbaar Ministerie, Crypto Insiders. Last checked: July 16, 2026.