Turkish Dogecoin Mining Scam Netted $120 Million
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Turkish Dogecoin Mining Scam Netted $120 Million

9 months ago

Prosecutors say a con artist made off with nearly 1 billion DOGE after soliciting investors for a Dogecoin mining operation.

Turkish Dogecoin Mining Scam Netted $120 Million


Turkish authorities are investigating an alleged cryptocurrency scam involving Dogecoin mining.

Some 1,500 investors were told they could make a 100% profit in 40 days by putting their own Dogecoin holdings into a mining project, according to Turkish news channel TV100.

In a report earlier this week, the TV station reported that authorities have launched a criminal investigation into a scam in which investors were robbed of nearly one billion DOGE.

The Küçükçekmece chief public prosecutor's office said a suspect identified as “Turgut V.”

solicited investments from Dogecoin holders in person, at live events in luxury venues, and through online promotions.

The suspiciously high returns came through for three months, attracting more investors, before suddenly shutting down, the prosecutor said. 

The Küçükçekmece prosecutor’s Terrorism and Organized Crime Bureau is seeking Turgut V. and 11 others, who have been banned from leaving the country.

Dogecoin Best in Show 

The meme dog-themed cryptocurrency started a joke in 2013, but found a strong and supportive community, even though it had few if any actual uses as a blockchain supporting projects. Its climb began after Tesla CEO Elon Musk began tweeting out support for Doge, calling it his favorite cryptocurrency and even buying some for his infant son.
The Shiba Inu-faced coin’s value took off this year, growing from one penny on New Year’s Day more than $0.28 today — after spiking as high as $0.73 in May  — giving it a market cap of $37 billion, according to CoinMarketCap. That makes it the seventh-largest cryptocurrency.
Earlier this month, a number of high-profile crypto luminaries helped revive the dormant Dogecoin Foundation. Most notable among the Foundation’s new advisory board members are Ethereum creator Vitalik Buterin and a representative of Musk, as well as Dogecoin co-creator Billy Markus.

Promising they did not intend to take over the project, the group announced a new manifesto and promised it is “supporting the Dogecoin Ecosystem, Community and promoting the future of the Dogecoin Blockchain.” 

The group plans to accelerate development efforts by hiring a team of core developers and launching projects to add utility to the broader Dogecoin ecosystem.

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