Turkish Crypto Exchange Makes Off Without Users Notice: $2B At Stake

Turkish Crypto Exchange Makes Off Without Users Notice: $2B At Stake

Yells and cries of a possible crypto scam reach out on popular social media platform, Twitter, as hundreds of thousands of investors might be on the verge of losing their funds.

Thodex, a Turkish cryptocurrency exchange with over 400,000 users has reportedly stopped its operations on Wednesday, following a recent Bloomberg report.

The company had left an initial notice that it would cease operations for four to five days for some sales processes so as to gain financial strength to resume operations.

“Services will remain closed for about five working days while the share transfer is completed, but users needn’t worry about their investments,” it said.

Nonetheless, reports revealed that the company did not resume operations, also, the founder of the exchange had fled the country shortly after the exchange seized functioning. This caused the affected users of Thodex who had secured their funds with the exchange to panic, as they feared that they might have been victimized.

Government Takes Actions

Being one of the largest cryptocurrency exchanges in Turkey, this can only mean that a large number of persons have been affected and a large amount of money is at stake, governmental concerns were geared towards the case.

With investigations suggesting that the total money lost by affected users could be up to $20 billion, a senior official, Cemil Ertem, was triggered to raise concern for immediate regulation of the crypto market in the country, urging the government to take quick actions on the case.

“Pyramid schemes are being established. Turkey will undoubtedly carry out a regulation that’s in line with its economy but also by following global developments,” he said.

Meanwhile, the Government was not slack to take action either. Thereby blocking the company’s account immediately. The government also sent police officers to raid its head office in Istanbul.

Michael Boris
Michael Is A Blockchain Expert And Proficient Crypto Reporter At CoinJot Media With An Academic Degree In Journalism. Disclosure: He owns less than 1 BTC and less than 4 ETH. Contact: [email protected]