Authorities Detain 62 People in Turkey for $2 Billion Crypto Exchange Fraud

Turkish authorities have detained 62 people as part of a large-scale crypto scam investigation. Thodex, one of the leading cryptocurrency exchanges in Turkey, went silent earlier this week after the company halted trading services and withdrawals.

According to the latest report published by the Associated Press (AP), the Thodex crypto exchange scam has affected nearly 391,000 customers. The total value of the lost crypto assets stands at around $2 billion.

According to few Turkish media reports, Thodex owner, Faruk Fatih Ozer has already left the country. Turkish police and relevant authorities are now investigating the matter after receiving thousands of complaints from Thodex users who had lost access to their crypto assets.

The central bank of the Republic of Turkey recently released a statement about cryptocurrency assets and mentioned that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term cannot be used as a mode of payment. The central bank also outlined that the financial services provider in the country will not be able to provide deposit and withdrawal services to crypto exchanges.

Local media reports in Turkey are linking the latest announcement by the Turkish central bank with the alleged exit scam of crypto exchange Thodex.

Crypto Market

The overall market cap of digital currencies took a major hit on Friday after the crypto market lost more than 10% of its value within a single day. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s most valuable crypto asset, is down by more than 11% within the last 24 hours as its market cap dropped below $900 billion for the first time since 6 March 2021. As of writing, Bitcoin is trading near $49,000. The total market dominance of BTC stands at around 51%, its lowest level in nearly 3 years.

In March 2021, Bitcoin queries surged in Turkey amid a significant crash in Turkey’s national currency Lira. The Turkish Lira is currently facing a severe crisis as the currency has lost nearly 20% of its value within the last two months.