It is widely known that cryptocurrencies started an unprecedented economic and financial revolution all over the world, as various tokens and countless blockchains slowly but surely swarm the world markets night after night. As if the Bitcoin wasn’t enough, we had to invent further assets such as Ripple, Ethereum, Dogecoin, Litecoin etc. Nowadays, almost each country with a strong economy backs some sort of crypto and so did Turkey – but only until recently. The country’s national Turcoin has turned out to be a typical example of a bogus scheme, as founders are believed to have fled with millions of U.S. dollars accumulated from defrauded investors and users.
Due to a large number of speculants and novice investors, it has become extremely easy to ignore important facts such as the distribution of dividends, which the company behind the Turkish token stopped earlier in June. After presenting it bravely as a “rival to the global virtual currency bitcoin,“ the executives completely disappeared from the face of the Earth, leaving each new participant in the network completely drained. The Turkish alternative cryptocurrency was launched by Muhammed Satıroğlu and Sadun Kaya, owners of an Istanbul-based company that earned revenues via pyramid programs, predestined to fail even at the very beginning.
Nonetheless, Turcoin’s value grew fast thanks to the program’s devoted participants and users, but the launch occured guess where – on a gala dinner last year, organized to promote the token. Many Turkish public figures attended the event, and, to make the entire event convincing, the company gave away 20 luxurious cars to the early adopters. Earlier in June, the investors stopped receiving paying bonuses, and, as you know, trying to desperately reach your partners in such scenarios usually ends up with: “the number you have dialed is no longer available“ or worse. One of the investors, whose name will not be published, has invested around 560,000 TL or $120,000 USD in Turcoin, never to see his funds again.
According to a local newspaper, the owners of Hipper have left Turkey with almost 1 billion TL stolen from more than one thousand defrauded financiers. Of course, a large portion of them were promised surreal monthly incomes of 250 TL (approximately $52) in return for an investment of 1,500 TL (around $315). Furious members of the project have reportedly raided the company’s premises after their attempts to communicate by telephone failed.
Source:
“Turcoin Ponzi Scheme Exposed, Founders Flee with Millions”, Tassev Lubomir, news.bitcoin.com, June 19, 2018.
Kristen Munoz 6 years ago Jr. Member
I had some fear about hearing something like this happening with cyrpto currencies. the bitcoin seems to be very positive in many ways i still have lots to learn but i do think its worth getting into earlier then not . just too bad for these that lost here
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Daniel Hughother 6 years ago Full Member
Those gosh darn affiliate marketers! I'm sorry I know this is terrible, I feel bad for laughing. This happens about once a week on a smaller level with these HYIP sites. But some people do make money. They get in the first day and become some of the proof of payments. But unfortunately, the companies are only paying people...
Those gosh darn affiliate marketers! I'm sorry I know this is terrible, I feel bad for laughing. This happens about once a week on a smaller level with these HYIP sites. But some people do make money. They get in the first day and become some of the proof of payments. But unfortunately, the companies are only paying people just long enough to get enough people investing that it is worth it to disappear. So guess what side of that the majority fall on. And with the right technology you could be sitting in the US with your fat wallet, never having been in turkey. There are just so many people that see all these numbers and hear all these things about 18 year old kids with lambo's because they invested in some coin. Then they find one that interests them and lose god knows how much money.
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Sydney 6 years ago Almighty Member
That's what happens when people are given the fraudulent impression that they will definitely make money, when in fact they are extremely likely to lose their money...typical for most money related pyramids.
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Trinzies 6 years ago Full Member
Crypto definitely does not need any more bad press at the moment. I feel awful for those people that got scammed but I hope it will serve as a reminder to all cryptocurrency users that “if it sounds too good to be to true...” Hopefully none of our members are amongst those who invested in Turcoin Thank you Alex for...
Crypto definitely does not need any more bad press at the moment. I feel awful for those people that got scammed but I hope it will serve as a reminder to all cryptocurrency users that “if it sounds too good to be to true...” Hopefully none of our members are amongst those who invested in Turcoin Thank you Alex for this article.
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Mil E Na 6 years ago Full Member
People should be extra careful when they decide to invest in recently appeared cryptocurrency. Even if it is presented as "national", there is no certainty that its founders are honest...
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