When ten of Europe’s largest banks announce a joint venture to issue a new euro stablecoin, the industry celebrates it as innovation, digital sovereignty and a long-overdue counterweight to US players like Circle or Tether. This is the narrative surrounding Qivalis, the new Dutch company that aims to launch a
We have formally filed a Woo (Open Government) request with De Nederlandsche Bank (DNB) to disclose the 2020 on-site inspection report on Payvision B.V.—plus its attachments, the 2019/2020 Kroll compliance review, and the criminal complaint DNB filed regarding Payvision. Victims have waited long enough. Redact what you must; disclose what
The big announcement Last week, nine European banks—including ING, UniCredit, Danske Bank, SEB, KBC, CaixaBank, Raiffeisen Bank International, DekaBank, and Banca Sella—announced their intention to issue a euro-denominated stablecoin by 2026 jointly. Billed as a pan-European public–private initiative, this move is positioned as a strategic response to the increasing dominance
Executive Summary An explosive whistleblower lawsuit reveals how Ernst & Young (EY) systematically enabled one of the largest money laundering operations in history, providing audit cover for a $100 billion criminal network operating through casino companies linked to Chinese organized crime syndicates. The case exposes how EY’s pattern of prioritizing
No surprise for us: ING has been supporting scams! On Monday Stichting Collectief Forward Gold Sale (“FGS”) filed a WAMCA -collective action – in the Amsterdam District Court against ING Bank N.V. and Bunq B.V..According to the writ of summons (registered under Article 1018c(2) Dutch Code of Civil Procedure) the
In recent years, several high-profile cases in the Netherlands have raised serious doubts about whether justice is applied equally to all. From cryptocurrency developers to board members of banks and payment companies, these cases reveal a troubling pattern: wealth and influence often seem to provide a shield, prompting many to
On April 5, 2024, the Dutch Prosecutor announced that the criminal charges against Payvision’s board members had been settled out of court. Booker and his colleague Cheng Liem Li were found to have (2016 – April 2020) structurally and for many years violated the European Know Your Customer rules and
Over the past four years, we have communicated with hundreds of victims of online trading scams. We’ve analysed their banking documents and prepared criminal complaints on their behalf. Additionally, we’ve reviewed hundreds of pages of court files. At this point, we believe we have a comprehensive understanding of how online
The primary purpose of scams is to obtain victims’ money. With the “Follow the Money” approach becoming a well-known investigative tool for prosecutors, opaqueness and complexity in structuring the money flow from victims to scammers are critical for cybercriminals. The more opaque and complex a payment method is, the more
Letters sent out with a strictly confidential clause always tend to be interesting for many more people than the addressees. Last night, some Barak and Lenhoff victims represented by EFRI presumably received a refund offer from ING! As there are thousands of ING victims out there (a total of more
