Turcoin, popular in Turkey

Turcoin, popular in Turkey, turns out to be a financial pyramid

The Turcoin cryptocurrency, which began selling in October 2017, turned out to be a pyramid scheme. The true nature of the schema is revealed after, how its founders left the country, taking with them 100 million Turkish lira ($ 21 million), raised with the participation of 10,000 investors. About writes this AMB Crypto citing local media. According to Ahval News, the damage from the actions of cybercriminals can be 10 times higher than the above value.

Turcoin, popular in Turkey, turns out to be a financial pyramid

Altcoin was launched by the Istanbul-based company Hipper, founded by Muhammad Satiroglu and Sadun Kayya in Last year. They stated that Turcoin will become the “national cryptocurrency” even if the government refuses to recognize it.

Turcoin, popular in Turkey, turns out to be a financial pyramid

To promote the cryptocurrency, events were organized, the invited guests of which were many Turkish celebrities, reports Turkish Minute. Early adopters of Turcoin received expensive cars as gifts, which helped boost the popularity of the pyramid.

“They did give away some of the machines, and some stood there just to attract more people,” an early Turcoin follower told Hürriyet daily.

Each new investor increased the profits of the person who invited him. The company stopped paying dividends at the beginning of June, which caused a wave of calls to the call center in Istanbul, but no one answered the phone..

Turcoin, popular in Turkey, turns out to be a financial pyramid

Mohammed Satiroglu, who owned 49% of Hipper, said: “I was just an intermediary. Our company doesn’t have a dollar in the bank. All money was transferred to the account of Sadoun Kayi’s company in Cyprus “.

“One of the least surprising news of the day was the announcement that Turcoin or Turkish cryptocurrency is a pyramid scheme. Its founders appear to have gone into hiding with an estimated $ 200 million. This was not just expected. It was predetermined, “wrote Twitter user Kan Okar. “They even ran commercials on TV. Incredible arrogance “.

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