Turkish “National” Coin Turcoin Defrauds People of Millions

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Police in Istanbul has arrested the founders of Hipper, a company that launched the Turkish “national” coin Turcoin. The two arrested were involved in a cryptocurrency Ponzi scheme and cheated over 10,000 victims. The total value of their fraud amounted to millions of dollars. The company reportedly promoted luxury car giveaways as a bonus in its early days but stopped paying in June. The major partner in the firm has maintained that he hasn’t run away with people’s money.

Founders Detained by Police

The two founders of the company, Sadun Kaya (owning 51% stakes of the company) and Muhammed Satıroğlu (49%), were detained by the police earlier for defrauding over 10,000 people. The duo established a company called Hipper in Istanbul and called its cryptocurrency Turcoin the “national” digital currency of the country. Starting October 2017, the operators floated a multilevel marketing scheme and collected at least TRY 100 million (USD 21 million). However, there is a lack of clarity over the exact amount.

In the beginning, they threw lavish parties attended by Turkish celebs and even organized luxury car giveaways to attract investors. The early investors were provided monthly payouts and extra income for referring more customers to the cryptocurrency business. In June this year, the company stopped providing bonuses, and its customer support center stopped answering calls. After investors started complaining, the two founders were detained by the police.

Duping Investors in the Name of Mega Returns

Hipper advertised numerous offers for the investors, including a monthly return of 250 TL (Turkish Lira) from an investment of 1,500 TL. The investors would also get additional income for referrals. Satıroğlu said that he was “only a mediator” in the business and that Hipper “does not even have a single dollar in the bank. All the money went to Sadun Kaya’s company in Cyprus.”

He claimed that he has not “fled with the money” of the investors and that he “will return all the money to the members” if his bank account is unblocked. He even went on to say that the government “are the ones who are involved in serious corruption.”

His partner Kaya has not provided any public statements. And the minority partner has reportedly filed a criminal complaint against him, along with the investors.

Turkish “National” Coin Turcoin Defrauds People of Millions was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.