The Turcoin cryptocurrency, founded in October 2017 by Turkish company Hipper, turned out to be a “Ponzi Scheme”. The true nature of the scheme emerged after its founders left the country, taking with them 100 million Turkish lira ($ 21 million), collected from 10,000 investors. This is written by AMB Crypto with reference to local media. According to Ahval News, damage from the actions of intruders can be 10 times higher than $ 21 million.
Turcoin Is A Ponzi Scheme
Altcoin sale began in October 2017. CEO Hipper, Muhammed Satıroğlu and Sadun Kaya called the coin “national cryptocurrency of Turkey”. They started to organize the events for investors to promote Turcoin, which they called the “national crypto currency of Turkey”. There were many Turkish celebrities among invited guests. Early adopters of Turcoin received expensive cars as gifts, which helped to increase the popularity of the pyramid. Later it turned out that some of the cars did not reach investors, and performed only the role of bait to attract more people to the project. The advertisement of cryptocurrency was shown even on local television.
As in the best traditions of the Ponzi Scheme, each new investor increased the profit of the person who invited him to the project. Hipper promised participants a monthly income of 250 TRY ($ 52) for an investment of 1500 TRY ($ 315).
Hipper stopped to pay dividends in early June. One of the creators of the pyramid disappeared in an unknown direction. investors began to call the office of the company, but no one answered. The fraudster took away 100 million Turkish lira ($ 21 million), received from 10 thousand investors. However, according to some media reports, the amount of damage may exceed $ 212 million.
Earlier in January, the Turkish media Ahval wrote that Omer Dogan also worked in Hipper. He had represented the non-existent nowadays company Nilfa, which also worked as Ponzi scheme.
The Founder of the Hipper
Hurriyet Daily News managed to contact Kaya’s partner, Satıroğlu, who denies involvement in the fraud and says that he was only an intermediary. According to him, all the money from the sale of Turcoin came to the firm Kaya, registered in Cyprus. Satıroğlu says he is ready to return money to clients if the authorities unblock his bank accounts.
Sadun Kaya, who holds 51 percent of the company, does not answer calls anymore.
Turcoin has every chance of becoming the largest Ponzi scheme in the country.