The Creators of Self-Proclaimed Turkish Cryptocurrency Were Arrested

turcoin scam

Since the cryptocurrency industry is still relatively young and lacks regulation in most countries, it is subject to multiple fraudsters and scam projects. This time another scam was detected and eliminated in Turkey.

Last year a quite doubtful company, called Hipper, released a digital currency Turcoin, which was supposed to become a state national digital coin. The project was even supported by some Turkish government officials.

The whole enterprise started raising suspicion right at the beginning. Firstly, the CEOs of Hipper, Sadun Kaya and Muhammed Satiroğlu, decided to give bonuses to their first investor. The bonus was a bit unusual and unexpected – the company gave away expensive fancy cars.

Although, Kaya and Satiroğlu claimed that most of the cars were just used as a way to attract more people, and they were never given to anybody, just like in the situation at the Consensus conference in New York, they kept spending ridiculous amount of money.

In June the company suddenly stopped its bonus system, which was the second wake-up call. The third and the last one happened a couple of weeks ago, when of the creators escaped from the country with all of the money stolen from investors, proving the project to be a perfect example of a Ponzi scheme. Both Kaya and Satiroğlu were caught and arrested.

The latter tried to convince the police of his innocence by saying:

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

The police apparently did not find his words trustworthy, because both criminals are currently in jail waiting for their trial process to start.

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