In this news brief, we are posting links to news stories about the Kyrrex case. The Kyrrex case is about whether a cryptoexchange has a duty of care to third parties who have been victims of boiler room fraud, where the fraudsters use Kyrrex to launder the stolen cryptocurrency. There is no case law yet that clarifies the liability of exchanges when fraudsters use an exchange. One peculiarity is that Kyrrex is a “nested service.” This means that fraudsters can sell stolen crypto to customers of another, larger exchange, after which the proceeds are redirected to underlying, hidden accounts.

Judgment on jurisdiction, District Court of The Hague, 18 March 2026

https://deeplink.rechtspraak.nl/uitspraak?id=ECLI:NL:RBDHA:2026:7315

Jurisdiction of the Dutch court in boiler-room fraud cases. A preliminary objection raised by Kyrrex UK Ltd, which the claimants allege is involved in crypto-related boiler-room fraud. The court accepts jurisdiction on the basis of Article 6(e) of the Code of Civil Procedure. The present situation differs from that in the Universal Music judgment. This case concerns consumers who have been victimised by crypto fraud. These circumstances justify the Dutch court having jurisdiction under Article 6(e) of the Code of Civil Procedure, so that affected consumers can sue the parties involved in the boiler room fraud from various countries in a single set of proceedings before their national court. Kyrrex UK Ltd’s application for an interim appeal is dismissed.

ICIJ Research (Nov. 17, 2025, English):

https://www.icij.org/investigations/coin-laundry/hunt-for-missing-millions-unmasks-one-crypto-exchange-hidden-inside-another/

https://fintelegram.com/offshore-litigation-vs-real-recovery-why-victims-of-the-icij-nested-exchange-case-should-lower-their-expectations-drastically/

Radiofrance (Nov. 20, 2025, French, podcast)

https://www.radiofrance.fr/franceinter/podcasts/le-grand-reportage-de-france-inter/le-grand-reportage-du-jeudi-20-novembre-2025-7307830

Article Toronto Star (Nov. 20, 2025, English, paywall)

https://www.thestar.com/news/investigations/stolen-crypto-investigation/article_31ed9112-09e0-41b5-b9fe-f5a22c254caa.html

Article Financiëele Dagblad (Nov. 18, 2025, Dutch):

https://fd.nl/financiele-markten/1578021/unieke-nederlandse-miljoenenclaim-om-dubieuze-cryptodienst

Article Moneylaundering.com (Nov. 7, 2025, English):

https://www.moneylaundering.com/news/court-filings-blockchain-data-tie-nested-exchange-to-crypto-scams/?type=free

Article Fintelegram (Nov. 23, 2o25, English):

COMPLIANCE REPORT: CRYPTO EXCHANGE KYRREX & MANY RED FLAGS!

Article Fintelegram (Nov. 21, 2025, English):

https://fintelegram.com/offshore-litigation-vs-real-recovery-why-victims-of-the-icij-nested-exchange-case-should-lower-their-expectations-drastically/

Broadcast MAX Meldpunt (Oct. 10, 2o25, Dutch):

Toezicht op handel in cryptomunten schiet tekort.

Notice MFSA (Feb. 11, 2025, English):

https://www.mfsa.mt/news-item/mfsa-notice-clarification-on-the-distinction-between-real-exchange-rex-ltd-and-kyrrex-limited-entities-operating-in-different-jurisdictions/

Article Decripto (Aug. 1, 2024, English):

https://decripto.org/en/destination-kyrrex-the-caribbean-exchange-that-laundered-billions-in-scams-and-more-exclusive-analysis/