Creator of Turcoin fled with investments for $ 212 million

Cheating in Turkish: the creator of the “national cryptocurrency” fled with investments of $ 212 million. The cryptocurrency project Turcoin of the Istanbul-based company Hipper turned out to be a financial pyramid. One of the creators of the coin, Sadoon Kaya left the country, taking with him the investors’ money.

Sales of altcoin began in October 2017. CEO Hipper Mohammed Satiroglu and Sadun Kaya started promote the coins, which they called “national turkish cryptocurrency” organized game events for investors with local celebrities and gave expensive cars to the project participants.

Later it turned out that some of the cars did not reach investors, and performed only the role of bait to attract more people to the project.

As in the best traditions of the financial pyramid, each new investor increased the profit of the person who invited him to the project. Hipper promised participants a monthly income of 250 TRY ($ 52) for an investment of 1500 TRY ($ 315). The project ceased to pay dividends in early June, and one of the creators of the pyramid disappeared in an unknown direction. The swindler took away 100 million Turkish lira ($ 21 million), received from 10 thousand investors. However, according to some media reports, the amount of damage may exceed $ 212 million.

cryptoMuhammad Satiroglu, who owned 49% of Hipper company, said that he too was a victim of fraud and was not to blame for what had happened. “I was just an intermediary. Our company does not have a dollar in the bank. All the money was transferred to the account of the company Saduna Kaya in Cyprus” – he said.

Let’s note, the advertising of cryptocurrency was shown on local television. Source: stockworld.com.ua

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