Turkish prosecutors investigate alleged $119M Dogecoin mining scam

Crypto Signal on Unwitting DOGE investors were promised attractive returns of 100% in just 40 days in exchange for depositing their money.

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Turkish prosecutors investigate alleged $119M Dogecoin mining scam

Turkish media reports that authorities there are investigating an alleged Dogecoin mining scam that pulled the rug on investors after amassing $119 million worth of deposits.

An Aug. 23rd report from local channel TV100 broke the news, with police identifying pseudonymous online avatar “Turgut V.” as the scheme’s suspected operator.

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Turgut reportedly solicited investments from 1,500 Turkish citizens, drumming up excitement for the Dogecoin “mining” operation at in-person networking events held at ritzy locations, and by using a Telegram group online. Investors were promised returns of 100% in 40 days and reportedly paid returns for around 3 months.

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Investors were told that the Dogecoin they sent would procure new equipment to mine DOGE. Similar to Bitcoin, Dogecoins are created through Proof-of-Work mining, where network participants compete to validate transactions and produce the next block by computationally solving complex equations.

The Chief Public Prosecutor’s Office of the Turkish suburb Küçükçekmece is now carrying out an ongoing investigation to locate Turgut and his 11 associates. Authorities have issued an order restricting Turgut and his partner Gizem N. from traveling outside the country.

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Related: Australians lost over $25 million to bogus crypto investments

The recently surging popularity of crypto assets in Turkey has brought with it an increase in scammers seeking to leverage digital assets to dupe victims out of their hard-earned cash.

Turkish prosecutors investigate alleged $119M Dogecoin mining scam

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XRP Falls 10% In Bearish Trade

– XRP was trading at $1.06370 by 20:19 (00:19 GMT) on the Investing.com Index on Friday, down 10.18% on the day. It was the largest one-day percentage loss since June 22.

The move downwards pushed XRP’s market cap down to $50.22617B, or 2.51% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.44071B.

XRP had traded in a range of $1.05665 to $1.08289 in the previous twenty-four hours.

Over the past seven days, XRP has seen a drop in value, as it lost 11.46%. The volume of XRP traded in the twenty-four hours to time of writing was $4.93752B or 4.58% of the total volume of all cryptocurrencies. It has traded in a range of $1.0566 to $1.3029 in the past 7 days.

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Turkish prosecutors investigate alleged $119M Dogecoin mining scam