Vincent Baauw

[Steven Deurloo @smdeurloo]

Update on my court case against BUX

The hearing concluded last week. The Amsterdam District Court will issue a written judgment on 10 December 2025 (or 24 December 2025 if more time is needed).

Out of respect for the court, I won’t comment on the substance until the decision is public. After the judgment, I’ll share a plain-English summary and next steps.

Steven

[Vincent Baauw @_kuike_]

@elonmusk That I do not have the money for it😅🤷🏻‍♂️🤣

[Steven Deurloo @smdeurloo]

🚨 I have filed a $12 million lawsuit against BUX (owned by ABN Amro) for misleading investors about the BUX Token.

Many investors and stakeholders still don’t know what has happened. These tweets aim to bring transparency.

Thread #2: Promotion of The Blockport/BUX Token

[Steven Deurloo @smdeurloo]

2/ The Blockport Token was rebranded as the BUX Token and remain traded on KuCoin. In addition, BUX listed the BUX Token on several other exchanges.

After integrating BUX Crypto into the BUX App, the BUX Token was offered alongside other crypto investments within the app.

[Steven Deurloo @smdeurloo]

3/ On popular websites like CoinMarketCap, BUX compared itself to Robinhood, a highly successful U.S.-based investment platform.

On CoinMarketCap, a $1 valuation for the BUX Token was presented as a “fairly realistic target.”

[Steven Deurloo @smdeurloo]

5/ BUX kept this narrative alive through frequent “Ask Me Anything” (AMA) sessions on Telegram.

Over 12 AMAs were held from 2021 to 2023, with senior management, including the CEO, responding positively to investor questions about their investment in the BUX Token.

[Steven Deurloo @smdeurloo]

4/ Investors, seeing these endorsements and hearing promising updates on Telegram channels, were persuaded to invest.

At its peak, the BUX Token reached $0.75, giving it a market value of around $50 million.

[Steven Deurloo @smdeurloo]

6/ Promises of new utilities for the token added to the excitement. Plans to introduce features for non-BUX users and create broader use cases further encouraged investment.

BUX was fully aware that investors on Telegram purchased the tokens for investment purposes.

[Steven Deurloo @smdeurloo]

7/ However, in June 2023, without any explanation or announcement, BUX suddenly changed the description of the BUX Token in its app.

It now stated that the BUX Token "should not be purchased as an investment."

[Steven Deurloo @smdeurloo]

10/ What do you think? Do you see this as misleading? I’d love to hear your thoughts and feedback. Let me know in the comments or share your perspective.

Follow me for the next threads as I continue to break down how BUX misled investors. Stay tuned!

[Steven Deurloo @smdeurloo]

9/ Conclusion: BUX’s misleading announcement of the Blockport acquisition, coupled with its full integration of Blockport and the Blockport Token, and subsequent communications, misled investors. Without this misleading behavior, I—and many others—would never have invested.

[Steven Deurloo @smdeurloo]

8/ In 2024, BUX reiterated this in writing, stating it did not even consider the deal with Blockport to be a partnership or cooperation. BUX has not provided any explanation for why it publicly advertised the arrangement with Blockport as an acquisition.

[Steven Deurloo @smdeurloo]

7/ In late 2023, after BUX abruptly terminated its crypto activities and the BUX Token, the truth came out: BUX admitted in a meeting with investors that it actually never regarded the deal with Blockport as an acquisition.

[Steven Deurloo @smdeurloo]

6/ Over the following years, the Blockport platform was fully integrated into the BUX app, and the BUX Token was actively promoted by BUX in communications with investors, on its website, in newsletters, via exchanges and in the 3 BUX Telegram channels.

[Steven Deurloo @smdeurloo]

5/ As part of the acquisition, Blockport’s core team members and its 3 founders became BUX employees, with BUX’s CEO and CFO appointed as the management of BUX Crypto. The intellectual property of the Blockport platform was acquired by BUX.

[Steven Deurloo @smdeurloo]

4/ Everything changed when BUX announced it had acquired Blockport. The announcement created a wave of confidence, as BUX was a well-established, regulated Dutch fintech company backed by experienced investors.

[Steven Deurloo @smdeurloo]

3/ The low value of the Blockport Token reflected both the bankruptcy and the team’s mistakes, causing a loss of confidence among investors. Even when they announced that they were seeking new investors to relaunch the platform, the token price barely moved.

[Steven Deurloo @smdeurloo]

2/ Blockport raised $15M by selling the Blockport Token to investors in a well-timed ICO. They built a strong platform, attracted a large community, and had a solid plan. But by taking huge, unnecessary risks, they quickly went bankrupt, crashing the value of the Blockport Token.

[Steven Deurloo @smdeurloo]

🚨 I have filed a $12 million lawsuit against BUX (owned by ABN Amro) for misleading investors about the BUX Token.

Many investors and stakeholders still don’t know what actually has happened. These tweets aim to bring transparency.

Thread #1: The acquisition of Blockport

[Steven Deurloo @smdeurloo]

🚨 I’ve filed a $12 million lawsuit against BUX (owned by ABN Amro) for misleading investors about the BUX Token

350 investors from the EU, UK, US and other countries have joined the legal action

I’ll break down exactly what went wrong – in 60 tweets over 20 weeks.