As Kent Halliburton stood in a bathroom at the Rosewood Hotel in central Amsterdam, thousands of miles from home, running his fingers through an envelope filled with €10,000 in crisp banknotes, he started to wonder what he had gotten himself into.

Halliburton is the cofounder and CEO of Sazmining, a company that operates bitcoin mining hardware on behalf of clients—a model known as “mining-as-a-service.” Halliburton is based in Peru, but Sazmining runs mining hardware out of third-party data centers across Norway, Paraguay, Ethiopia, and the United States.

As Halliburton tells it, he had flown to Amsterdam the previous day, August 5, to meet Even and Maxim, two representatives of a wealthy Monaco-based family. The family office had offered to purchase hundreds of bitcoin mining rigs from Sazmining—around $4 million worth—which the company would install at a facility currently under construction in Ethiopia. Before finalizing the deal, the family office had asked to meet Halliburton in person.

When Halliburton arrived at the Rosewood Hotel, he found Even and Maxim perched in a booth. They struck him as playboy, high-roller types—particularly Maxim, who wore a tan three-piece suit and had a highly manicured look, his long dark hair parted down the middle. A Rolex protruded from the cuff of his sleeve.

Over a three-course lunch—ceviche with a roe garnish, Chilean sea bass, and cherry cake—they discussed the contours of the deal and traded details about their respective backgrounds. Even was talkative and jocular, telling stories about blowout parties in Marrakech. Maxim was aloof; he mostly stared at Halliburton, holding his gaze for long periods at a time as though sizing him up.

As a relationship-building exercise, Even proposed that Halliburton sell the family office around $3,000 in bitcoin. Halliburton was initially hesitant, but chalked it up as a peculiar dating ritual. One of the guys slid Halliburton the cash-filled envelope and told him to go to the bathroom, where he could count out the amount in private. “It felt like something out of a James Bond movie,” says Halliburton. “It was all very exotic to me.”

Halliburton left in a taxi, somewhat bemused by the encounter, but otherwise hopeful of closing the deal with the family office. For Sazmining, a small company with around 15 employees, it promised to be transformative.

Less than two weeks later, Halliburton had lost more than $200,000 worth of bitcoin to Even and Maxim. He didn’t know whether Sazmining could survive the blow, nor how the scammers had ensnared him.