Turcoin Cryptocurrency Creators Arrested Over Pyramid Charges
Turcoin cryptocurrency founders Sadun Kaya and Muhammad Satiroglu were arrested as part of an ongoing pyramid investigation. Three more Turcoin employees were released on bail, the Hurriyet Daily reported on July 3..
Satiroglu and Kaya were already arrested in mid-June. Later Satiroglu was conditionally released. However, a new arrest may indicate that the investigators found some new information proving their guilt..
In early June, several Turcoin investors reported a crime after the Hipper company behind the Turcoin cryptocurrency suspended bonus payments and Istanbul’s customer support center stopped answering calls..
One of the founders of Turcoin, Kaya, was accused of fleeing the country along with 100 million Turkish lira (more than $ 21.1 million) raised from Turkish investors. Another founder, Satiroglu, denied charges of illegal activities, but refused to disclose his whereabouts. Turkish authorities close Turcoin accounts in Turkish banks.
Kaya owns 51% of Hipper, while Satiroglu owns the remainder. Both also own Cypriot companies through which they managed investments in a cryptocurrency project..
“I was just a mediator. There was not a single dollar in our Hipper bank accounts. Everything went to the company of Sadun Kaya in Cyprus, ”Satiroglu told Hurriyet Daily. – I did not run away with other people’s money. I will return all the money if the authorities unblock my accounts. “.
The Turcoin token was launched in 2017. Its creators claimed that it would become the national Turkish cryptocurrency, and it was even supported by some celebrities. First Turcoin Investors Receive Luxury Cars In October.
“Some investors did get cars, but some of the cars were just to convince more people to join the system,” an early Turcoin investor told Hurriyet Daily..