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Turcoin scam – Turkish virtual currency company dupes thousands

Akashnath

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Turcoin scam - Turkish virtual currency company dupes thousands
Source: Pixabay

Turcoin, whose sales began in October 2017, was exposed as a Ponzi Scheme after the founders of the company reportedly fled the country, with Turkish Lira [TL] 100 million collected from 10,000 people.

The Turkish Minute reports a steal of TL 100 million, while the Ahval News reports that “Executives of a Cyprus-based company which introduced Turkey’s first cryptocurrency fled the country with 1 billion Turkish liras.” TL 1 billion equals around $212 million.

The altcoin was launched by Istanbul based company Hipper, founded by Muhammed Satıroğlu and Sadun Kaya last year. They claimed that Turcoin would be the ‘national cryptocurrency’, even if the government never accepted it.

The token became a household name after a lavish party was thrown, which many Turkish celebrities attended, to promote the cryptocurrency, reports the Turkish Minute. Early adopters were gifted luxury cars by the company, in an attempt to bring even more people to buy the currency. An early adopter told the Hürriyet daily:

“Some of the cars were really given away and some of them were there only for show to persuade more people to join the system.”

Each new participant would bring more revenue to the person who signed them up. The company stopped paying dividends in early June, leading many members to call its center in Istanbul, but no one answered. Also, growth had stopped, and people started getting suspicious about two weeks ago.

Satıroğlu, a partner who owned 49 percent of Hipper, told Hürriyet:

“I was only a mediator. Our company Hipper does not even have a single dollar in the bank. All the money went to Sadun Kaya’s company in Cyprus.”

Kaya, who holds 51 percent of the company, has a criminal complaint filed against him by the other members of Hipper, who accused him of fleeing the country with TL 100 million.

Can Okar tweeted:



“In the least surprising news of the day, it turns out Turcoin, the Turkish cryptocurrency, was a Ponzi scheme. It’s founders have apparently disappeared with around $200m. That was more than predictable – it was a certainty.”

He continues:

“They actually ran TV adverts. Incredible chutzpah.”

Arieh Kovler replied:

“That’s terrible. And the added credibility of TV probably drew in thousands of naive ‘investors'”





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A fourth year engineering student at SASTRA, working freelance at AMBCrypto. Writing and football are passions, and cryptos are an avid interest.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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