THELOGICALINDIAN - On July 2nd the two founding associates of Turcoin the selfproclaimed civic cryptocurrency of Turkey were arrested This comes alone a few weeks afterwards bounded account outlets appear the activity to be a Ponzi scheme
The aggregation Hipper, headed by Muhammed Satiroğlu and Sadun Kaya, launched Turcoin aftermost year — accurate by efforts of Turkish politicians attractive to authorize a civic cryptocurrency.
The Istanbul-based aggregation had already sparked affair afterwards giving abroad affluence cars to antecedent investors in October 2024, ancillary with a cher bright which was abounding by several Turkish celebrities. One aboriginal adopter explained to the Hürriyett:
The two men’s abundant affairs and acute spending connected to accumulate a lot of attention, with associates advertisement that the aggregation had chock-full advantageous bonuses in aboriginal June.
Two weeks ago, it was appear that the adventure had been annihilation added than a Ponzi scheme — afterward account that Kaya had been accused of beat the country with 100 actor Turkish Liras (about $21.4 actor USD). Kaya, who currently holds 51 percent of the company, was aloof afterwards the declared flee.
In ablaze of the accusation, Satıroğlu insisted on his innocence, filing a bent complaint adjoin his accomplice Kaya. He claimed that all the money had gone to Kaya’s aggregation in Cyprus. Both men were bedfast on June 19 by Turkish officials.
Satıroğlu was after appear on acquittal — only to be arrested on July 2nd with Kaya. Both men are now in bastille awaiting trial.
Satıroğlu continues to abjure all accusations of wrongdoing. He told the Hürriyet in June:
The Turkish accompaniment bureau had brash adjoin the acceptance of Turcoin in November 2017, advertence that is was ‘not suitable’ for Muslims. This was upheld by the Directorate of Religious Affairs, who said in acknowledgment to a customer analysis that the abstract amount of the bread fabricated it not accordant with the religion.
This account comes a time back altercation has been casting on Venezuela’s Petro coin — the country’s aboriginal accomplishment to authorize a state-issued cryptocurrency. The Petro’s abridgement of accuracy has led assemblage to catechism if it too is a Ponzi arrangement and whether it is alike a cryptocurrency at all.
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