Self-Advertised as Turkey's 'National Cryptocurrency,' Turcoin Outed as Ponzi Scheme
June 20 2018 - 6:47AM
ADVFN Crypto NewsWire
Turcoin, advertised by its creators
as Turkey’s “national” cryptocurrency, has been outed as a ponzi
scheme, Hürriyet Daily News reports Monday, June 18.
Muhammed Satrolu, a major shareholder of the company
that launched the coin has told the media it “doesn’t have a single
dollar in the bank.”
Istanbul-based company Hipper, whose partners Muhammed
Satrolu and Sadun Kaya launched ‘Turcoin’ in 2017, is the subject
of a criminal complaint after payouts to investors stopped in early
June 2018.
Speaking to local outlet Hürriyet Daily News, Satrolu,
who owns a 49 percent stake in Hipper, claimed he was “only a
mediator” in Turcoin and that Kaya had run off the the cash, which
totals 100 million lira ($21 million).
“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,” he told the publication.
Kaya has allegedly stopped responding to calls and
disappeared. Satrolu protests his innocence, despite appearing to
hint he does in fact have access to some form of investor
funds:
“I have not fled with the money. I will return all the
money to the members if authorities unblock my bank accounts,” he
added.
Turcoin promised to become Turkey’s “national
cryptocurrency” upon its launch, wooing investors with high-budget
parties attended by celebrities and giveaways of luxury cars, some
of which have since been outed as borrowed.
Earlier this year, Turkish politicians also floated the idea of an official
national cryptocurrency, suggesting to call it ‘Turkcoin’.
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