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Turkish Authorities Begin Investigations Regarding $119M Dogecoin Mining Scam

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Aug 29, 2021

The Crypto market is full of digital hacking and mining scamming incidents. It is one of the reasons that crypto exchanges are facing worldwide crackdowns and regulatory actions. In a recent incident, Turkish authorities are investigating a mining scam. Innocent DOGE investors are being offered staggering 100% returns in a month for depositing their money in the mining of dogecoin.

A local TV channel voiced that in local crime investors got tricked into a $119M scam, TV allegedly accused “Turgut V.” of tricking the local investors. The Turkish authorities said that Turgut and his 11 co-partners compelled the investors to invest 350 million Dogecoins, in the mining process to gain 100% percent return.

The culprits collected $119 million worth of dogecoins and disappeared. The local authorities claimed that Turgut, the main culprit convinced over 1,500 Turkish citizens to join him and finance the process of Dogecoin mining. The process we held at ritzy locations by using Telegram group’s online services. Turgut offered 100% percent in 40 days, for almost three consecutive months.

Investors were informed that the dogecoin they would invest in, will help in building the new crypto mining infrastructure at a massive scale. At the initial stages, the process of Dogecoin mining started at a lower scale, and investors were paid for three months. For the fourth month, when investment peaked at 350 million Dogecoins, the funds all of the sudden disappeared.

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Now, an ongoing operation is being carried out by the local prosecutor in Istanbul to find these 11 men. Moreover, the ban has also been imposed on those 12 men from traveling outside the country. The recent rampant popularity of crypto assets worldwide, including Turkey has played the role of a catalyst in surging hacking and scamming incidents as well.

Turkish regulatory authorities are constantly battling with scammers. By the end of April, Turkish authorities sent over 6 people into jail with the demise of local crypto exchange Thodex. In another incident, four local employees of local crypto exchange Vebitcoin were also arrested by the Turkish authorities after they were caught red-handed in a fraud.

However, security regulatory authorities are finding it hard to deal with scammers. Government authorities have frequently warned people against the scammer involved in crypto trading. But it seems that people do not care much about what government says about the crypto market. The popularity of crypto has convinced people that it’s the perfect replacement for the traditional economic system. The volatile nature of the market is what people love about crypto trading. Crypto experts said that most people are aware of the risks. But the possibility of earning limitless returns is what outshines all the dangerous stuff that exists out there.

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