Turcoin Outed As Ponzi Scheme After It Self-Advertised As Turkey’s ‘National Cryptocurrency’

Turcoin, promoted by its production as Turkey’s “national” cryptocurrency, has been outed as a Ponzi scheme, Hürriyet Daily News reports Monday, June 18.

Muhammed Satıroğlu, a noteworthy investor of the organization that released the coin has told the media it “doesn’t have a single dollar in the bank.”

Turcoin was launched in 2017 by Istanbul-based organization Hipper, whose associates were Muhammed Satıroğlu and Sadun Kaya.

Addressing local news outlet Hürriyet Daily News, Satıroğlu, who possesses a 49 percent stake in Hipper, guaranteed he was “only a mediator” in Turcoin and that Kaya had run off with the money, which is about 100 million lira ($21 million).

He told the publication that “I was only a mediator. Our company Hipper does not even have a single dollar in the bank. All the money went to Sadun Kaya’s company in Cyprus,”

Kaya has professedly stopped answering calls and vanished. Satıroğlu challenges his innocence, in spite of seeming to indicate he does, in fact, have access to some type of investor funds:

“I have not fled with the money. I will return all the money to the members if authorities unblock my bank accounts,” he included.

Turcoin guaranteed to become Turkey’s “national cryptocurrency” upon its launch, charming investors with high-spending parties attended by famous people and giveaways of extravagant cars, some of which have since been outed as borrowed.

Prior this year, Turkish politicians also drifted the possibility of an official national cryptocurrency, recommending to call it ‘Turkcoin’.