Crypto Rip-off, Frozen Property and Missing CEO Lead to Raids in Turkey

Experiences show that a Turkish crypto exchange applied the popular cryptocurrency Dogecoin as bait to lure investors into a fraudulent plan.

The Agence-France Presse (AFP) reports that the Istanbul-primarily based cryptocurrency trade Thodex ran a Dogecoin advertising campaign the place it marketed the meme cryptocurrency at a quarter of its current market cost.

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However, investors and traders were subsequently unable to withdraw or transform their Dogecoin into other electronic property. The Turkish cryptocurrency exchange is now allegedly keeping all over $2 billion of investor cash and its CEO, Faruk Faith Ozer, has reportedly fled Turkey.

In accordance to the AFP,

“Turkish authorities on Friday begun treatments to challenge an global warrant to arrest and extradite the missing founder of a cryptocurrency exchange, condition media noted.

Thodex founder Faruk Fatih Ozer fled, officers claimed, to the Albanian capital of Tirana with a claimed $2 billion in investors’ property.”

A image of Ozer slipping by passport command at Istanbul Airport, presumably en route to an undisclosed place, was circulated by Turkish authorities. Although Ozer has yet to be apprehended, 62 other folks considered to be affiliated with Thodex had been taken into custody in raids on Friday, according to the Anadolu information agency. The law enforcement also issued arrest warrants for 16 others and have issued an worldwide arrest warrant for Ozer.

Thodex’s drive to sell Dogecoin at a 75% price cut coincided with the meme coin breaking into the leading ten cryptocurrencies by industry cap. Throughout the period of time amongst the begin of the calendar year and earlier this week when Dogecoin strike a report substantial, the meme coin has surged by above 8,000%.

The most seriously traded pair on Thodex in the 24 hours prior to the exchange’s abrupt suspension of functions was Dogecoin, with the meme coin submitting volumes of a bit in excess of $300 million.

In a statement, Thodex disputes the figures of $2 billion of investor funds from about 391,000 traders getting misplaced or stolen. Instead, the Turkish exchange reviews that it has 700,000 customers and only 30,000 of them have encountered a “suspicious predicament.”

“The allegations that I misplaced about 391,000 people with a reduction of about $2 billion USD, which was mirrored to the community on April 22, 2021, are unfounded.

“Firstly, according to our preliminary results, only about 30,000 of our virtually 700,000 people have a suspicious situation…”

Among the cryptocurrency exchanges that CoinMarketCap has assigned an trade rating, Thodex presently has a score of .9 out of a feasible 10 factors. Exchanges this sort of as Binance, Coinbase Professional and Huobi International have scores of 9.7, 8.6 and 8.6 respectively.

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Featured Picture: Shutterstock/Dima Moroz/stockphoto-graf


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