Cryptocurrency: Thodex Exchange CEO Runs Off With $2B

[grarpamp]

https://www.reddit.com/r/Bitcoin/comments/mve36j/if_a_government_like_turkey_dictates_what_median/
If a government dictates what medium of exchange of value you're
allowed to use... it's time to change your government, not your currency.

https://www.reddit.com/r/Bitcoin/comments/mry9h3/turkey_we_will_witness_the_strenght_of_bitcoin_in/
We all will be great witnesses of how a corrupt government fails at
trying to ban the most "unbannable" asset in the world.

"Turkey is attempting to preserve their monopoly over the money
supply. They simply feel threatened by cryptos use as a currency. The
reason is simple: crypto is potentially better than their fiat. ... It
takes away the governments ability... to inflate, devalue, and
demonetize. Turkey banning crypto is simply proof that you need
crypto."

"This is another step closer to me being able to buy a $1million Lira
bill on eBay after their currency collapses. Move over Yugoslavia and
Zimbabwe"

"Very bullish"



https://cointelegraph.com/news/four-arrested-after-turkish-exchange-vebitcoin-closes-its-doors

https://cointelegraph.com/news/bitcoin-caught-in-the-crossfire-as-turkish-opposition-leader-voices-support
https://www.theguardian.com/world/2021/apr/13/turkeys-economic-turmoil-drives-bitcoin-frenzy


Second Turkish Crypto Exchange Collapses,
Four Employees Arrested On Suspicion Of Fraud

Just days after major Turkish Crypto exchange Thodex collapsed, its
CEO fled with a rumored $2 billion (and was reportedly detained) and
dozens of people were arrested, Turkey’s cryptocurrency investors were
dealt another blow as second big exchange collapsed.

In a statement posted late Friday on its website, Vebitcoin said it
halted operations citing deteriorating financial conditions claiming
that unspecified financial strain led to the decision — possibly
caused by an unusually high number of withdrawals leading up to
Turkey’s forthcoming cryptocurrency ban, according to CoinTelegraph.

“We have decided to cease our activities in order to fulfill all
regulations and claims,” the announcement read in part.

Demiroren News Agency said its Chief Executive Ilker Bas and three
other employees have been detained on Saturday. The Financial Crimes
Investigation Board has blocked Vebitcoin’s accounts and opened a
probe. Vebitcoin is - or rather was - Turkey’s fourth biggest exchange
with close to $60 million in daily volumes, according to CoinGecko.com
which tracks data on price, volume and market value on crypto markets.
More than half of this volume came from Bitcoin, which dropped 19%
this week.

On Saturday morning, Muğla chief public prosecutor Mehmet Nadir Yağcı
announced in a statement to local media that four employees have been
detained by law enforcement following allegations of fraud.

    "Following the search and seizure operations carried out at the
company headquarters and at some addresses, 4 people, who are company
directors and employees, were detained. The investigation carried out
by the Directorate of Cyber ​​Crimes Branch of the Muğla Police
Department is carried out in a multifaceted and meticulous manner."

The collapse of Vebitcoin comes days after Thodex halted operations
and its 27-year-old founder fled to Albania. Thodex had about 390,000
users according to a lawyer for the victims and losses could be as
high as $2 billion, according to Turkey’s Haberturk newspaper. Police
subsequently issued upwards of 75 arrest warrants and detained 62 in
connection to a possible exit scam.

This week's rout marks the worst period for Bitcoin since it tumbled
amid a wider slump in risk assets at the end of February with bitcoin
sliding as low as $48,000 late on Sunday, amid broader weakness in the
entire crypto space.

The two exchanges were part of the cryptocurrency boom that had drawn
in legions of Turks seeking to protect their savings from rampant
inflation and the collapsing Turkish currency. Turkish inflation hit
16.2% in March, more than three times the central bank’s target, and
the lira has weakened more than 11% against the dollar this year --
its ninth consecutive year of losses - making it the year's worst
performing major currency.

The boom in Turkish crypto trading which saw daily volume on local
crypto markets close to $2 billion for Friday, according to data from
CoinGecko.com, regulators have come knocking. In early April, Turkey’s
Central Bank has banned cryptocurrencies as a form of payment from
April 30, and the country has prohibited payment and electronic money
institutions from mediating money transfers to cryptocurrency
platforms.

Central Bank chief Sahap Kavcioglu said more regulations are in the
pipeline in a televised interview on Friday. “We are working on
regulations in terms of cryptocurrency,” he said. “There are
disturbing money outflows to outside of Turkey via cryptocurrencies.”

Turkey's crypto ban has become a hot-button issue, as opposition
leaders have voiced support for crypto.