According to Hurriyet Daily, Turcoin founders arrested over alleged Ponzi scheme.
Turcoin Founders Were Arrested
On July 2, Muhammed Satiroğlu and Sadun Kaya, the founders of the cryptocurrency project Turcoin, were arrested as part of the ongoing investigation of the organization of the financial pyramid.
Another three employees of Turcoin were later released on bail.
Satiroğlu and Kaya were detained in June, but later Satiroğlu was conditionally released. Their arrest probably indicates that the investigators found new evidence of their guilt.
Obviously Turcoin founders will stay in prison until the adjudication is made.
As MadeInCrypto reported earlier, in June, several Turcoin investors announced the crime, after the company Hipper, which is behind the Turcoin cryptocurrency, suspended the payment of bonus payments, and the Istanbul Customer Support Center stopped responding to calls.
One of the Turcoin founders, which owns 51% of the Hipper, Sadun Kaya stopped contacting. He fled Turkey with 100 million Turkish liras (21.1 million dollars).
Another Turcoin founder, Satyroğlu, which owns 49% of Hipper, said that he was only an intermediary and promised to partially compensate the investors if the Turkish authorities release his bank accounts.
This cryprtocurrency was launched in 2017. Turcoin founders claimed that it would become the national Turkish cryptocurrency, and it was even supported by some celebrities. The first Turcoin investors in October received luxury cars.
According to one of the early investors, some investors did get cars, but some cars were just to persuade more people to join the pyramid.