According to a press report, Turcoin, presented as a “rival to the global virtual currency bitcoin,” has been exposed as just another Ponzi scheme. The executives of the Turcoin has suddenly disappeared with no where to be found.
The founders of the “alternative” digital currency are believed to have fled the country with millions of dollars collected from defrauded investors. The company behind the Turkish token stopped distributing dividends earlier in June.
In what sounds like a familiar scenario, every new participant in the network was supposed to bring more revenue to the person who signed them up. And as it happens with most financial pyramids, Turcoin crumbled as soon as growth grounded to a halt amid rising suspicions.
Istanbul-based company Hipper A.Ş. founded by Muhammed Satıroğlu and Sadun Kaya, headlined in Turkey with a lavish gala organized to promote the cryptocurrency last year. The event was attended by many Turkish celebrities, Hürriyet recalls.
However, the payment of bonuses was stopped in early June and Since then, desperate investors have been trying to reach its Istanbul office without much success.
“I am ruined. I don’t know what to do,” a 38-year-old man, who bought Turcoins worth 560,000 TL, almost $120,000 USD, told the daily.
According to a report from Sabah newspaper, the executives of Hipper have left Turkey with 1 billion TL (about $280 million dollars) stolen from thousands of defrauded investors. Just another sad news to the investors. What measures do you think authorities should take to end obvious Ponzi schemes?