Turkey is investigating a Dogecoin fraud after the creator allegedly took 350 million DOGE from investors

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In Turkey, a Dogecoin scam defrauds investors

According to Turkish media television channel TV100, the chief public prosecutor’s office in Küçükçekmece, a suburb of Istanbul, is launching a massive probe into a digital currency fraud.

The scam calls itself “Dogecoin mining” and purports to be a digital currency system. Users were guaranteed a 100% profit in 40 days.

Turgut V., the scam’s accused creator, set up one-on-one talks at high-end venues with enticing offers to persuade investors to participate in the plan. He also directed investors to a Telegram channel to send their dogecoins to the scheme.

For the first three months, the system functioned effectively, and investors received their promised returns regularly. As a result, the number of investors has increased significantly. Around 1,500 people sent their dogecoins to the initiative in total.

Dogecoin Scam Investigated in Turkey After Founder Allegedly Stole 350  Million DOGE From Investors – Altcoins Bitcoin News

Turgut V., on the other hand, unexpectedly closed down the whole system in the fourth month. Investors who were unable to log in attempted to reach him and his accomplices by phone or in-person but were unsuccessful.

Knowing they had been duped, some investors informed the prosecutor’s office via their lawyer, Sinan Keskin. Ecem Ashyrova, one of the sufferers, said TV100, 

“I deposited 4 million dogecoins. I have lost 12 million Turkish lire at the moment. We were promised to gain 100% with a 40-day package, but what we had in the palm of our hand is gone.”

Turgut V. and 11 other individuals have been under investigation by the Turkish Terrorism and Organized Crimes Bureau. Turgut V has also been barred from moving abroad by the prosecutor’s office.

Turgut V. had acquired 350 million dogecoins by the fourth month of the system’s functioning, as per the probe. At the time of writing, the meme digital currency is selling at $0.2849. This sum is valued at around $100 million at the current DOGE price.

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