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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.

Altcoins

Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump

Biraajmaan Tamuly

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Source: Pixabay

The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.

Source: CoinmarketCap

At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96  million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.

Source: Trading View

According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.

Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.

Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.

At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.





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