- Ankara has become the focal point of a significant cryptocurrency operation.
- The operation spans 21 provinces and targets a fraudulent platform named “Smart Trade Coin.”
- 127 suspects have been apprehended, accused of generating $1 billion in illicit gains.
A major crackdown on cryptocurrency fraud in Turkey has led to the arrest of 127 individuals involved in a $1 billion scam.
Massive Cryptocurrency Fraud Uncovered in Turkey
In a recent announcement, Turkey’s Interior Minister Ali Yerlikaya revealed that a large-scale operation targeting cryptocurrency fraud has been conducted. The operation, dubbed “SİBERGÖZ-42,” focused on the fraudulent activities of the so-called “Smart Trade Coin” platform. This platform allegedly promised “Zero Risk with High Returns,” luring investors into a sophisticated scam.
Details of the Operation
The operation was coordinated by the General Directorate of Security’s Cyber Crimes Department, with significant contributions from the Ankara Provincial Police Department’s Cyber Crimes Branch. The investigation spanned 21 provinces, including major cities like Istanbul, Izmir, and Antalya. The authorities uncovered that the platform used automated trading bots and a Ponzi scheme structure, enticing users to recruit new investors for promised returns.
Implications and Future Outlook
This crackdown is a significant step in combating cryptocurrency fraud in Turkey. The seizure of assets, including 177 properties and 61 vehicles, highlights the scale of the operation. Additionally, the confiscation of digital materials and firearms underscores the multifaceted nature of the criminal activities involved. Moving forward, this operation sets a precedent for future actions against similar fraudulent schemes, aiming to protect investors and maintain the integrity of the financial system.
Conclusion
The “SİBERGÖZ-42” operation marks a pivotal moment in Turkey’s fight against cryptocurrency fraud. With 127 suspects apprehended and substantial assets seized, the authorities have sent a clear message about their commitment to tackling financial crimes. Investors are urged to remain vigilant and conduct thorough due diligence before engaging in cryptocurrency investments.
