FINTECH

Turcoin is a financial pyramid

“Cryptocurrency” project Turcoin, initiated by Istanbul Hipper company is a financial pyramid. One of the creators of the coin, Sadoon Kaya left the country, taking with him the money of investors. CEO of Hipper Muhammad Satiroglu and Sadoon Kaya organized events for investors with the participation of local celebrities and gave expensive cars to the project participants for the promotion of the coin, which they called the “national cryptocurrency of Turkey”, .

Later it turned out that some of the cars did not reach investors, and performed only the role of bait to attract more people to the project.

Muhammad Satiroglu, who owned 49% of Hipper, said that he too was a victim of fraud and was not to blame for what had happened.

“I was just an intermediary. Our company does not have a dollar in the bank. All the money was transferred to the account of the company Saduna Kaya in Cyprus, “- he said.

As in the best traditions of the financial pyramid, each new investor increased the profit of the person who invited him to the project. Hipper promised participants a monthly income of 250 TRY ($ 52) for an investment of 1500 TRY ($ 315).

The project ceased to pay dividends in early June, and one of the creators of the pyramid disappeared in an unknown direction. The swindler took away 100 million Turkish lira ($ 21 million), received from 10 thousand investors. However, according to some media reports, the amount of damage may exceed $ 212 million.