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One More Turkish Crypto Exchange Suspected Of Exit Scam After $2B Thodex Scandal

April 24, 2021 7:04 pm
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One More Turkish Crypto Exchange Suspected Of Exit Scam After $2B Thodex Scandal

Turkish cryptocurrency exchange Vebitcoin has suddenly ceased operations, leaving its customers without access to their assets in a supposed exit scam.


What Happened: According to a report by a state news agency Anadolu, the Turkish Financial Crimes Investigation Board blocked Vedibitcoin's bank accounts after the platform announced  ceasing all of its activities citing financial strains.

The exchange's official website reads: "Due to the recent developments in the crypto industry, our transactions have become much more expensive than expected.

We would like to state with regret that this situation has led us to a very difficult financial situation. We have decided to cease our activities in order to fulfill all regulations and claims. We will provide you with information as soon as possible."

Why It Matters: This is the second time in a week that a Turkish exchange has shut down.

See also: $2B Worth Of Crypto Might Be Stolen As Turkish Exchange Halts Operations

Earlier Turkish law enforcement authorities detained 62 people in an investigation connected to the cryptocurrency exchange Thodex, accused of defrauding its customers of $2 billion worth of cryptocurrency.

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