Crypto News

Turkey arrests four after cryptocurrency collapse

Turkish authorities say four people linked to the cryptocurrency platform Vebitcoin have arrested and charged with fraud.

Hours earlier, the company suddenly announced that it was closing, citing tight funding.

Authorities also launched an investigation and blocked the platform’s accounts.

Earlier this week, another Turkish platform, Mulberry, closed its investment to about 390,000 users.

In Turkey, more and more people are choosing to use cryptocurrencies to protect their savings from a sharp decline in the local currency, Leah. However, turkey’s cryptocurrency market is not regulated.

Last week, Turkey said it would ban the use of cryptocurrencies to pay for goods and services by April 30.

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Mehmet Nadir Yagci, a prosecutor in the southwestern city of Mugla, said the four arrests were managers and staff of the platform.

Vebitcoin announced on its website on Friday that it had suspended all activities “to comply with all regulations and requirements.” It was not immediately clear how many people affected.

He said; Thanks to the latest developments in the cryptocurrency industry, our operational density is much higher than expected. We are sorry to point out that this situation has put us in a very difficult process,” he said.

Meanwhile, Turkey has issued an international arrest warrant against Mulberry founder Faruk Fatih Ozer, who reportedly fled to Albania for $2 billion from investors.

Police also arrested 62 people on suspicion of ties to the Thodex. Ozer called the charges against him “unfounded” and said he was attending a business meeting in Albania.

On Wednesday, Thodex issued a message saying it would take five days to process foreign investments without admiration before suspending transactions. This platform has investigated.

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