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Crypto Scheme Busted! Turkey Detains 127 Scam Suspects
The post Crypto Scheme Busted! Turkey Detains 127 Scam Suspects appeared on BitcoinEthereumNews.com. On Thursday, Turkey’s Minister of Interior revealed authorities conducted a major operation against a crypto scamming platform in Ankara. The alleged Ponzi scheme has stolen over $1 billion in the last few years. Crypto Ponzi Scheme Busted Ali Yerlikaya, Turkey’s Minister of Interior, announced on X that over 100 suspects had been detained in a crypto operation conducted in Ankara. Operation “CYBERGÖZ-42” uncovered Smart Trade Coin STC’s schemes in the country. According to the post, the fraudulent crypto trading platform promised investors “high profits with zero risk.” Smart Trade Coin’s team assured customers their investments were safe with their “Stop loss” function and “advanced trading bots” that would perform automatic buy and sell transactions for them. Announcement of operation 'CYBERGÖZ-42'. Source: Ali Yerlikaya on X However, the investigation revealed that the platform was just a traditional Ponzi scheme system that stole over $1 billion, or 32 billion Turkish Lira, from users. Existing investors were promised to “receive profit” if they brought new customers to the crypto platform. The new investors’ money would be used to keep the scheme running. Turkish authorities conducted the operation in 21 provinces of Ankara, detaining 127 suspects of committing “international fraud by creating a Ponzi scheme” and committing “crime and laundering of assets obtained from crime.” During the operation, authorities seized over 177 immovable assets and 61 movable assets, worth 1 billion Turkish Lira. Additionally, they confiscated an unlicensed gun, a blank firearm gun, and several crypto assets. Smart Trade Coin’s Track Record Of Scams Smart Trade Coin has been suspected of being a scam since 2021 as Turkish investors have protested the company and denounced their practices through the years, as informed by local media outlets. The Kocaeli Newspaper reported about the dozens of criminal complaints filed against the crypto trading platform. In 2021,…
The post Crypto Scheme Busted! Turkey Detains 127 Scam Suspects appeared on BitcoinEthereumNews.com.
On Thursday, Turkey’s Minister of Interior revealed authorities conducted a major operation against a crypto scamming platform in Ankara. The alleged Ponzi scheme has stolen over $1 billion in the last few years. Crypto Ponzi Scheme Busted Ali Yerlikaya, Turkey’s Minister of Interior, announced on X that over 100 suspects had been detained in a crypto operation conducted in Ankara. Operation “CYBERGÖZ-42” uncovered Smart Trade Coin STC’s schemes in the country. According to the post, the fraudulent crypto trading platform promised investors “high profits with zero risk.” Smart Trade Coin’s team assured customers their investments were safe with their “Stop loss” function and “advanced trading bots” that would perform automatic buy and sell transactions for them. Announcement of operation 'CYBERGÖZ-42'. Source: Ali Yerlikaya on X However, the investigation revealed that the platform was just a traditional Ponzi scheme system that stole over $1 billion, or 32 billion Turkish Lira, from users. Existing investors were promised to “receive profit” if they brought new customers to the crypto platform. The new investors’ money would be used to keep the scheme running. Turkish authorities conducted the operation in 21 provinces of Ankara, detaining 127 suspects of committing “international fraud by creating a Ponzi scheme” and committing “crime and laundering of assets obtained from crime.” During the operation, authorities seized over 177 immovable assets and 61 movable assets, worth 1 billion Turkish Lira. Additionally, they confiscated an unlicensed gun, a blank firearm gun, and several crypto assets. Smart Trade Coin’s Track Record Of Scams Smart Trade Coin has been suspected of being a scam since 2021 as Turkish investors have protested the company and denounced their practices through the years, as informed by local media outlets. The Kocaeli Newspaper reported about the dozens of criminal complaints filed against the crypto trading platform. In 2021,…
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