Turkish Cryptocurrency 'TurkCoin' turns out to be fraudulent

Much hyped Turkcoin, the national cryptocurrency of Turkey has apparently turned out to be a fraudulent game of act. This news came into light when the founders of cryptocurrency flew with millions of dollars, leaving behind no trace.

Earlier this year we reported about the launch of  Turkcoin which was founded by Muhammed Satıroğlu and Sadun Kaya. The Istanbul based company was luring people with attractive gifts such as Cars, money etc.,

As per local media reports, one of the of the investor said that,

“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,”

Ponzi Scheme

Eventually, this turned out to be Ponzi scheme. Every new investor was expected to bring in the revenue to the company. But this came to end when earlier this month company stopped paying bonuses and forced the investors to contact central office situated in Istanbul.

Partner of company Muhammed Satıroğlu lamented stating that,

“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,”

A legal complaint has been filed against Sadun Kaya for fleeing the country with 100 million Turkish Liras collected from 10,000 people.

On the contrary, the accused Sadun Kaya declined to reveal his whereabouts and mentioned that,

“I have not fled with the money. I will return all the money to the members if authorities unblock my bank accounts,”

As of now, we are not sure who is telling the truth or lie. But investors are greatly disappointed by the fact that they lost money and have no hopes on this cryptocurrency