Turkish Authorities Bust Crypto Ponzi Scheme, Arrest 127
CryptoNewsTerminal Staff31 May, 2024
Turkish Authorities Bust Crypto Ponzi Scheme, Arrest 127
Turkish authorities have detained 127 individuals linked to the cryptocurrency exchange Smart Trade Coin as part of an investigation into an alleged cryptocurrency Ponzi scheme and money laundering operation. The arrests were made as part of a crackdown on crypto-related fraud in the country. According to Bitcoinist, the individuals are accused of defrauding investors of over $1 billion by promising unrealistic returns with little to no risk. The scheme is said to have operated through Smart Trade Coin, a cryptocurrency exchange that was launched in 2019. The investigation into Smart Trade Coin began in March 2023, when Turkish authorities received complaints from investors who had lost money on the platform. The authorities subsequently raided the company's offices and seized documents and electronic devices. The arrests represent a significant step in Turkey's efforts to combat crypto-related fraud. In recent years, the country has seen a surge in the number of cryptocurrency-related scams, and the authorities are working to crack down on these activities.
