2018-6-20 04:00 |
News
Turkey’s so called “national” crypto, Turcoin, has turned out to be a classical example of a Ponzi scheme, local media reported.
The founders of the “alternative” digital currency are believed to have fled the country with millions of dollars collected from defrauded investors.
Also read: Indian Ponzi Scheme-Funded Cryptocurrency Mine Raided by Police
‘National, Alternative, Rivaling Bitcoin’
Turcoin, presented as a “rival to the global virtual currency bitcoin,” has been exposed as just another Ponzi scheme, after the executives of the project suddenly disappeared, according to local press reports.
And as it happens with most financial pyramids, Turcoin crumbled as soon as growth grounded to a halt amid rising suspicions.
Amidst conflicting reports about the size of the fraud, it’s unclear if Turcoin will turn out to be the country’s biggest Ponzi scheme.
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