Turcoin founders arrested – following Ponzi scheme bust

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Turcoin founders arrested – following Ponzi scheme bust


Turcoin, which is the self-proclaimed national cryptocurrency of Turkey, had been involved in a major Ponzi scheme. Both the founding members have been arrested. This information has come out only after a few weeks later when the local newspapers claimed that it was a Ponzi scheme.

Turcoin was launched only last year by headed by Muhammed Satiroğlu and Sadun Kaya, with the full support of the Turkish politicians who were all looking forth to establishing a national cryptocurrency.

One early adopter explained to the Hürriyett:

“Some of the cars were really given away and some of them were there only for show to persuade more people to join the system”

Both of the men’s grandiose lifestyle and extreme spending still continued to garner lots of media attention while the investors have already started complaining that they haven’t been receiving their bonuses as of the month June onwards.

Only a few weeks back was the venture noted in the public to be nothing more than a Ponzi Scheme. Kaya had been accused of more that 100 million Turkish Liras and fled the country. He is said to have a 51 percent stake in the company. After he has fled the country, there is no news about him and his whereabouts. The man was unreachable.

Satıroğlu, the other partner has been consistent in proving his innocence by claiming that he was completely cheated of by his partner. He has also gone to the lengths of filing a criminal complaint against his partner. He also claims that there is no money with him and that all of the money has gone to one of kaya’s company’s in Cyprus and is currently in Cyprus.

He told the Hürriyet in June:

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

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