It’s not the first time the topic of cryptocurrency access problems in Turkey has come up. For example, in April 2021, the local cryptocurrency platform Vebitcoin was reported to have ceased operations, explaining that it was due to unforeseen financial difficulties. However, this version was hard to believe, as the reason for the closure was “an increase in transaction intensity”. What exactly was meant by that is unknown, because even when coins are withdrawn from trading platforms, users pay the fee.

Meanwhile, cryptocurrencies themselves are hugely popular in Turkey. The reason for this is the depreciation of the national currency, which has significantly depreciated against the dollar. As a result of the developments, Bitcoin, among other things, set a new historical high for its exchange rate in the country in November 2021. Read more about this in a separate article.

How to cheat in the cryptocurrency world

Last year, we wrote about the history of cryptocurrency exchange Thodex. Initially, it notified users that it was going offline for 4-5 days due to technical work. The platform, which handled millions of dollars of trading volume daily, was one of the main cryptocurrency platforms in the country.

Thodex CEO Farooq Fatih Ozer

Traders became worried when they could not access their accounts or withdraw funds. In response to what was happening, a criminal case was opened and police raids on Thodex offices were launched. In total, law enforcement authorities managed to arrest 62 employees of the exchange.

According to CryptoSlate sources, its founder Faruk Fatih Ozer claimed at the same time that he had left Turkey allegedly to discuss new deals with foreign partners. In reality, however, Ozer fled to Albania, which led to him being placed on an international wanted list through Interpol. Attempts to arrest him were unsuccessful, as the exchange’s founder is still at large. Nevertheless, the Albanian authorities have arrested several people who were allegedly providing him with asylum.

Farouk Fatih Ozer wanted by Interpol


It should be noted that there are more than enough fraudsters and hackers in the cryptocurrency industry. The most recent example of such activity is the hacking of the Discord server of the NFT token community Bored Ape Yacht Club. In the course of his actions, the scammer published a link in the community's official channels ostensibly to create new branded NFTs. However, the most gullible users ended up losing their investment as their non-exchangeable tokens were sent to the scammer's wallet. At least one NFT went to hackers - the equivalent of several hundred thousand dollars.


NFT tokens from the Bored Ape Yacht Club line

Although the prime suspect has not yet been found, prosecutors in court continue to press charges which include information systems fraud, setting up a criminal organisation and using banking or credit systems as a fraudulent tool. If Ozer is found, he faces up to 40,564 years in prison for a total loss of $2 billion to investors, according to the charges. Exactly how that term was determined is unknown.


We believe that the prospect of such a serious punishment could serve as a cautionary tale for users who are planning or planning to run a fraudulent scheme. And that's a definite positive for the decentralised asset sector, as hackers and criminals continue to scare away newcomers from connecting with the niche. One would like to believe that the situation will improve significantly over time.