The Rotterdam court said bankruptcy was necessary to ensure an orderly settlement because the company lacked enough assets to fully repay users.
A Dutch court has declared cryptocurrency platform Knaken Cryptohandel BV and its affiliated foundation bankrupt after prosecutors said 7 million euros ($8 million) in customer assets were missing.
The Rotterdam court issued the ruling on Thursday, saying the bankruptcy was needed to ensure an orderly settlement after Knaken blocked access to its platform and accounts.
According to the court, the company has insufficient assets to fully repay users. The court also said customers lacked sufficient information to determine their legal position.
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