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Alleged Dogecoin scam leads to crypto investors losing €100 million in Turkey

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Scams in this tech-driven world have become an everyday affair. Similarly, a scammer has managed to steal approximately $00 million from investors in Turkey after promising some extraordinary returns from the mining of Dogecoin (DOGE). The lead mind behind this scam is Turgut V. He works with his more than 11 associates and has collected a hefty sum of money, which accumulates up to $350 million. Dogecoin uses Blockchain technology along with many other cryptocurrencies, i.e. Bitcoin (BTC), Binance coin (BNB), Ethereum (ETH), Polkadot (DOT),

and Cardano (ADA).

The scammer and tricks used

The scammer used Telegram as the platform to excite the customers for mining. In-person events were also held to build trust among the miners. The people who invested in the market were promised a 100% return in 40 days. In contrast, the mining operation will run for approximately three months to give returns to the people. Investors were informed about the procurement of new types of equipment that can be used for the mining of Dogecoin. These promises were being fulfilled for the first three months, which built up the investors’ trust, whereas when the funds collection reached a certain point, the whole scheme disappeared.

Regulations for Blockchain Technology

Other cryptocurrency Regulation News in different countries doesn’t maintain the Baas (Blockchain- as –a – Service). The industry sees new concepts every day in the market, for example, stable coin ( more fixed or stable price system), Decentralized Finance ( transparent and efficient financial services), and many others. The regulation for crypto mining and NFTs will take time to come into the flow.

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