Gloomy news awaits Turcoin holders, as the so-called Turkey’s ‘national’ cryptocurrency gets unmasked for what it really is — the cryptocurrency is, apparently, nothing but a Ponzi scheme.
The news broke out after the Turncoin founders, Muhammed Satıroğlu and Sadun Kaya, disappeared with 100 mln Turkish Liras (approximately $21 mln), only to be detained on June 19.
Satıroğlu insists in his innocence, claiming that his only involvement was as ‘a mediator’ and that it was Kaya who ran off with the money. However, his other statements seem to contradict his stance, suggesting that his involvement with the Ponzi scheme was more than being a mere ‘mediator’.
Satıroğlu told Turkish newspaper Hürriyet:
“I have not fled with the money. I will return all the money to the members if authorities unblock my bank accounts.”
News outlets have yet to hear from Kaya, as he is currently missing and could not be reached even through phone.
The said ‘cryptocurrency’ took the spotlight when it claimed to be Turkey’s ‘national’ cryptocurrency, wowing critics by inviting them to extravagant parties, even giving away luxurious cars, although “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,” an early adopter explained to the Turkish news outlet.
“I am ruined. I don’t know what to do,” exclaimed Satıroğlu.