Some 100 people are seeking legal help after being scammed by a self-styled crypto investor from Hengelo.

The 23-year-old, who has since disappeared, convinced his victims to part with “millions”, one of the duped told local broadcaster RTV Oost.

The man, who has built a reputation as a “crypto genius”, gave investors regular updates on the profit they had made which they could cash or reinvest. Several people did convert their crypto currency to euros but it is now thought the money was simply paid out of their fellow investors’ money.

The total number of possible victims is likely to be larger than 100 because the man’s client mailing list had around 300 names on it, the broadcaster said.

“Legal action could be directed at the person or the professional parties involved, such as the banks and crypto platforms,” lawyer Arjon Tieman said. “The question is to find out to what extent a bank has a duty of care when the account of a young person is showing such huge amounts of money coming in,” he said.

None of the victims has reported the man to police. “We are looking at the best of way of handling this, and if we should pull together and file a mass claim,’ Tieman said.

So far there is no trace of the missing millions.