According to FinanceFeeds, a court in Rotterdam, the Netherlands, has declared the crypto platform Knaken and its Client Funds Foundation bankrupt. The prosecution said that about €7 million (about $8 million) in customer assets could not be verified, and the court found that the platform’s existing assets are insufficient to fully repay users. It has appointed a bankruptcy trustee to inventory assets and handle customer claims. Knaken previously stopped operating in early June due to its failure to obtain a MiCA license, and around 30k customers may be affected. The court said that this bankruptcy ruling has not yet determined what happened to the funds or whether there are any criminal offenses; related matters are still under investigation in a separate case.