A 24-year-old Dutch law student was arrested for allegedly running crypto scams, defrauding ~300 people of €4.5M ($4.6M). Victims claim he operated a Ponzi scheme, taking 50% of profits as fees. Crypto fraud hit $2.3B in 2024, up 40% from 2023, with scams like fake tokens, phishing, and AI-driven schemes on the rise. Stronger safeguards are urgently needed.