What was thought to be Turkey’s answer to bitcoin has now turned out to be another Ponzi scheme, one aimed to defraud investors millions of dollars. Turcoin had been dubbed a “national” crypto, Turkey’s own bitcoin and its answer to the growing virtual currency industry. But while investors were pumping millions of their hard-earned money to put the crypto on the international map, its founders were busy scheming on how to defraud them.
Turcoin’s Classic Plan
The Istanbul-based company captured the hearts of many investors as it advertised itself as a rival to bitcoin. It was also developed in Turkey and was to be their own crypto, to be made and used within. Now after millions have been poured into what investors believed to be a legitimate cash cow, founders of the company that developed the crypto are nowhere to be seen, believed to have fled the country.
Read more on CoinStaker.com
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