It seems that the Turks have become the latest victim of fraud under the banner of cryptocurrencies, but this time the operation came under the umbrella of the famous meme currency.
Through an illegal exploit, a fraudster, using the most popular dog currency on meme Dogecoin sites, managed to escape with an estimated value of about $119 million.
The cryptocurrency community has long suffered from scams, especially as hackers have often come up with ingenious ways to steal users from their digital holdings.
According to Turkish media reports, a Dogecoin scam in which scammers collected $119 million in customers' digital deposits.
Local channel TV100 earlier reported that fraudster Turgut V, along with 11 of his accomplices, has now fled with all the money.
Turgut appears to have deceived about 1,500 Turkish citizens into investing in Dogecoin mining technology, Turkish media reported.
Turgut and his partners promised investors 100% returns on their investment in 40 days.
The scammers said they would meet potential investors in person at events and on calls, and they also had an online Telegram group to discuss the business.
Prospective investors were told to buy DOGE and transfer it to Turgut, who he claimed was using it to purchase equipment to mine Dogecoin.
The scammers reportedly paid investors their returns for 3 months, however, according to authorities, after DOGE raised nearly $119 million, the fraud network fled. .
According to Turkish media, the prosecutor's office in the Turkish suburb of Kucukcekmece is investigating the case.
