‘Turcoin’ Cryptocurrency Founders Arrested

The founding members of the “Turcoin” were arrested as participants of the investigation into the Turkish cryptocurrency.

Sadun Kaya and his business partner at the Istanbul-founded company Hipper, Muhammed Satıroğlu, were taken into police while three people in the mentioned instance were released on trail period.

Turcoin was introduced as Turkey’s “national” optional electronic currency and was started by Hipper, which was established by Kaya and Satıroğlu a year ago.

Even so, Turcoin was after opened as a Ponzi scheme after its founders vanished with millions of dollars.

So far as Turcoin declared to be a “national” cryptocurrency, the firm had shocked people by giving away luxury cars to its first adopters in October 2017.

Any new participant would bring more income to the individual who signed them up. As with all Ponzi plans, it broke when doubts increase, which happened two weeks ago.

The firm ceased paying bonuses in early June, heading many members to call its center in Istanbul, but no one answered.

Kaya was charged of escaping the country with 100 million Turkish Liras gathered from 10,000 people.

In June Satıroğlu told Hürriyet:  “I have not fled with the money. I will return all the money to the members if the authorities unblock my bank accounts.”