Crypto Exchange Goes Dark In Turkey, Four Officials Arrested

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Turkey is not proving a stable ground for cryptocurrencies, as another crypto exchange named Vebitcoin went down, taking away with it the $60 million in daily digital trading volumes and left its four administrators in jail.

As per the news, the platform stopped operations and went offline after citing financial strains, which the very next day resulted in the arrest of the “cryptocurrency officials.” The crypto firm gave out the reason for going offline was “to fulfill all regulations and claims” The Financial Crimes Investigation Board, however, blocked Vebitcoin’s domestic bank accounts and started an investigation.

“Due to the recent developments in the crypto money industry, there was a much higher density in our operations than expected,” Vebitcoin announced on its website. “We would like to state with regret that this situation has led us to a complicated process.”

As per Reuters, the four individuals arrested are Vebitcoin’s administrators and personnel and are now the ones accountable for the loss of digital investments of many. This is not the only great “Crypto Loss” these days; another Crypto Crime scene took place in Turkey, where the Thodex platform went offline on the 18th of April. Its CEO, Faruk Fatih, fled abroad accused of “aggravated fraud and founding a criminal organization.”

The man took away with him investments from approximately 400,000 users that combined nearly made $2 billion. The users must have thought of multiplying their investment in the coming years; little did they know that it was about to go to waste.

Turkish Police have stepped in and have already arrested 62 individuals associated with Thodex. However, its CEO has termed these fraud allegations as false and said that he went off to attend work meetings in Albania. The ones who have invested hefty amounts in the platform and the police don’t think alike, though.

More people in Turkey started to invest in Cryptocurrencies with hopes to gain monetarily in the coming times. Why? Because these platforms sounded promising in multiplying their money and in contrast, the rate of Lira went on declining.

However, the two platforms going offline in a week have followed the crypto in the shape of a ban from Turkish soil. Starting from April 30, there would be a ban on using digital assets for payments, as announced by the state. Moreover, India has also announced putting a complete ban on cryptocurrencies after some fraudulent incidences in digital currency.

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