Turkey: This Dogecoin mining scam may have duped investors to the tune of $119M

The crypto-community has lengthy been tormented by scams and frauds. Particularly since folks have usually provide you with ingenious methods to tear customers off their crypto-holdings. A latest instance from Turkey is a living proof.

In accordance with Turkish media reviews, a rip-off involving Dogecoin has allegedly amassed fraudsters $119 million in deposits.

Native channel TV100 broke the information earlier this week, revealing that the fraudster, “Turgut V,” is now on the run with all of the funds. Alongside together with his 11 associates, “Turgut” apparently tricked about 1,500 Turkish residents into investing in Dogecoin mining expertise.

Promising 100% returns on their investments in 40 days, the fraudsters would personally meet would-be traders at luxurious networking occasions and by way of zoom calls. In addition they had a web based Telegram group to debate the enterprise enterprise. Potential traders have been instructed to purchase DOGE and switch it to “Turgut” who claimed he would use them to purchase tools for Dogecoin mining.

The fraudsters reportedly paid traders their returns for 3 months. Nevertheless, in line with authorities, after that they had collected DOGE value near $119 million, the perpetrators elected to flee.

The Chief Public Prosecutor’s Workplace within the Turkish suburb of Küçükçekmece is investigating the case.

The memecoin has been concerned in a number of scams through the years, main analysts to imagine that DOGE is extra vulnerable to make use of by criminals. In truth, following a growth in reputation and valuation earlier this yr, a latest report discovered that suspicious Web area registrations regarding the joke cryptocurrency surged by 744% after January.

The report additionally discovered that there have been over 205 fraudulent social media accounts impersonating “Dogefather” Elon Musk. These accounts have usually been used to leverage his title in an try and defraud traders on-line.

Earlier this yr, a person misplaced $500,000 when he ended up sending 10 Bitcoins to a faux Elon Musk profile on Twitter. The profile in query had promised him 100% returns on his funding.

Nevertheless, that is solely one of many many scams that run on Twitter daily within the title of well-known proponents. Not simply Musk, however different celebrities within the crypto-space like Ethereum Co-founder Vitalik Buterin have been targets too.

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