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Reports from Turkish media detail an investigation into an alleged Dogecoin mining scam, where Turgut V and his associates purportedly enticed investors with promises of returns as high as 100%. According to authorities, the scheme amassed deposits worth $119 million. Read this Turgut V Review to know the complete details about this scam.
On August 23, local channel TV100 disclosed the probe, identifying Turgut V, operating under an online alias, as the primary suspect. Allegedly, Turgut and 11 accomplices collected approximately 350 million Dogecoins, equivalent to $119 million, before vanishing.
Turgut is said to have solicited investments from 1,500 Turkish citizens, promoting the Dogecoin mining venture at exclusive events and through the Telegram app.
Investors were assured a 100% return within 40 days and received payouts for about three months under the premise that their Dogecoins would fund new mining equipment.
Dogecoin, similar to Bitcoin, relies on Proof-of-Work mining, where participants compete to validate transactions by solving complex equations.
Rising Crypto Popularity in Turkey Attracts Scammers
Turkey’s growing interest in cryptocurrency has also attracted fraudulent activities. In April, authorities arrested six individuals connected to the collapse of Thodex, a Turkish crypto exchange that abruptly ceased withdrawals, leaving users’ funds inaccessible.
Additionally, in the same month, four Vebitcoin exchange employees were apprehended on fraud charges.
Reclaim Your Lost Funds with Cyber Scam Recovery Services
If you have been victimized by a scam, consider seeking assistance from reputable organizations like Cyber Scam Recovery, which specializes in fund recovery. Our free consultations can guide you through the process of recovering your funds, ultimately prioritizing your financial well-being. Stay vigilant and informed to protect your financial interests in an ever-evolving financial landscape.