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Hot!CRYPTO founder steals 2 BILLION !!! - disappears

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aka_STEVE_b
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2021/04/26 08:40:40 (permalink)
Another fine example of why I wish this crypto-craze BS would just go away!
 
https://www.tomshardware.com/news/turkish-crypto-exchange-goes-bankrupt-losses-2-billion-usd
 
The founder of a popular crypto exchange in Turkey has disappeared, with media reports indicating that he has fled the country with $2 billion as roughly 300,000 frustrated users have suddenly lost access to their accounts.

In Turkey, the national currency lira has been in a secular decline for nine consecutive years, urging people to take some risks in a bid to protect their savings and maybe even earn something. As a result, the recent rise of cryptocurrencies predictably attracted many investors who hoped to protect their money and possibly gain some more. But things did not go well for them as Thodex, one of the country's largest cryptocurrency exchanges, went bust.

Governments cannot control cryptocurrencies. As a result, they can quickly rise to an all-time high (or rapidly drop), making them a particularly attractive investment instrument — especially for those willing to take a risk. In Turkey, anyone can establish a crypto exchange with just 50,000 liras (about $6,000 USD) in capital, reports Bloomberg. Consequently, crypto exchanges are often run by people without proper financial education that serve unqualified investors who do not understand all of the risks.

Thodex was one of the largest cryptocurrency exchanges in Turkey with 700,000 users, many lured in by an introductory offer of 'millions' of free Dogecoins. Apparently, most of those Dogecoins were never distributed.

To make matters worse, media reports say that as many as 391,000 users have now suddenly lost access to their accounts. Following the reports, Thodex "temporarily" closed the platform to address an "abnormal fluctuation in the company accounts."

Meanwhile, Faruk Fatih Ozer, the founder of Thodex, has flown to Albania, taking $2 billion of investors' money with him, reports CNBC (citing local Turkish media). As you would expect, the Turkish Justice Ministry is seeking a so-called "red notice" with Interpol to arrest Ozer.

Thodex denies all the allegations and says that the problem impacts 'only' 30,000 of its clients. The company further states that the inaccurate media reporting has ruined its reputation, making it impossible to continue operations.

"The allegations that [accounts of] 391,000 people disappeared after a loss of approximately $2 billion, which was [reported] to the public on 22.04.2021, are unfounded," a statement by Thodex reads. "It is necessary to make this statement in order to respond urgently to these claims that go beyond the limits of honesty and conscience."

The founder of Thodex vows to return investors' money but hasn't revealed how and when he plans to do it. Meanwhile, a lawyer representing the investors said the money had become "irretrievable," according to Bloomberg


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#1

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    rjohnson11
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 08:49:27 (permalink)
    Why am I not surprised?

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    #2
    ty_ger07
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 09:20:46 (permalink)
    No one should have their currency sitting in an exchange.  This is when it is stolen.  It should be in the exchange for an hour or two max (enough time for the slowest currencies to verify an exchange transaction and transfer back out).  Cryptocurrency is incredibly hard to steal, but when it is in an exchange (where there are many potential employees who have access to the key pairs), all bets are off.
    #3
    atfrico
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 10:16:44 (permalink)
    He knows his baby is going to be shutdown that's why he took that money and disappeared.😁

    Those who abuse power, are nothing but scumbags! The challenge of power is how to use it and not abuse it. The abuse of power that seems to create the most unhappiness is when a person uses personal power to get ahead without regards to the welfare of others, people are obsessed with it. You can take a nice person and turn them into a slob, into an insane being, craving power, destroying anything that stands in their way.
     
     
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    Nereus
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 11:13:20 (permalink)
     
    No FDIC insurance on that.
     
    If some of the victims are miners; oh dear, how sad, never mind...
     

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    Dendra
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 11:50:46 (permalink)
    Nereus
     
    No FDIC insurance on that.
     
    If some of the victims are miners; oh dear, how sad, never mind...
     


    Agreed. There are million ways to make money. If your way is to hog all the gpus and just sit around...I'd say the potential of losing everything is a fair counterweight.
    #6
    aka_STEVE_b
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 11:51:14 (permalink)
    Not like this is the first time Millions upon Billions have disappeared from all the shady people involved in this "business" ....

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    atfrico
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 11:56:49 (permalink)
    aka_STEVE_b
    Not like this is the first time Millions upon Billions have disappeared from all the shady people involved in this "business" ....


    I know right.  It is just a cycle of bad business practice. I will advise to those crypto miners to cash the crypto currency right now in case it goes down. 

    Those who abuse power, are nothing but scumbags! The challenge of power is how to use it and not abuse it. The abuse of power that seems to create the most unhappiness is when a person uses personal power to get ahead without regards to the welfare of others, people are obsessed with it. You can take a nice person and turn them into a slob, into an insane being, craving power, destroying anything that stands in their way.
     
     
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    Grey_Beard
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 14:27:36 (permalink)
    aka_STEVE_b
    Not like this is the first time Millions upon Billions have disappeared from all the shady people involved in this "business" ....


    Unfortunately, a currency that is untraceable is a beacon for nefarious actors.  This coupled with the resources to “take“ these “funds” either through fraud, hack or slight of hand, it seems that the value only helps this guys based on the unregulated nature of this untraceable thing.  Not sure you call this a currency as Billions have been stolen and “redistributed.”
    #9
    kelkel1
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 15:02:06 (permalink)


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    ty_ger07
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 15:52:11 (permalink)
    Grey_Beard
     
    Unfortunately, a currency that is untraceable is a beacon for nefarious actors.



    Untraceable?  What are you talking about?  Might want to research that....
     
    There are very few cryptocurrencies which are untraceable, they aren't very popular, and they aren't valued very highly.  The popular ones you are thinking about, and have value to steal, are traceable.
     
    But since he owned the exchange, he can more easily cover his tracks; and most likely "took the money" in fiat currency via a bank wire transfer to some scumbag bank in a country with poor regulations.
     
    In general, cryptocurrency is very traceable.  It's only the bank transfer process from the exchange to your bank which determines whether or not the traceability stops or continues.  Over here, we have KYC and AML laws which prevent people from transferring money to their bank account as an untraceable transaction.
     
    If you are going to point the finger at some institution as the problem, it is the scumbag banks in countries with poor regulations.  There is not much you can buy with cryptocurrency at the moment, you can't eat it either, and most of them are traceable.  Converting it to fiat currency and laundering it is his goal, without a doubt.
    post edited by ty_ger07 - 2021/04/26 16:17:32
    #11
    Grey_Beard
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 16:34:18 (permalink)
    ty_ger07
    Grey_Beard
     
    Unfortunately, a currency that is untraceable is a beacon for nefarious actors.



    Untraceable?  What are you talking about?  Might want to research that....
     
    There are very few cryptocurrencies which are untraceable, they aren't very popular, and they aren't valued very highly.  The popular ones you are thinking about, and have value to steal, are traceable.
     
    But since he owned the exchange, he can more easily cover his tracks; and most likely "took the money" in fiat currency via a bank wire transfer to some scumbag bank in a country with poor regulations.
     
    In general, cryptocurrency is very traceable.  It's only the bank transfer process from the exchange to your bank which determines whether or not the traceability stops or continues.  Over here, we have KYC and AML laws which prevent people from transferring money to their bank account as an untraceable transaction.
     
    If you are going to point the finger at some institution as the problem, it is the scumbag banks in countries with poor regulations.  There is not much you can buy with cryptocurrency at the moment, you can't eat it either, and most of them are traceable.  Converting it to fiat currency and laundering it is his goal, without a doubt.


    If it was “traceable” then why has none of the thefts of various coins been caught? Over the last decade multiple Billions have been stolen, but who has been caught with these stolen items? Even cash today has a serial number that can be traced to is origin and can be flagged if counterfeit or stolen. Can these “coins?” One of the marketing tools has been that the user of these items could not be tracked. Maybe the research is not on me but somewhere else. I guess pointing out how drug dealers, underground activities and criminals use this stuff to hide is somehow something you object to. Oh well. Too bad the items you point to are the federal regulations regarding the banking industry and not related to this so-called currency. Blockchain is part of this stuff but it is not the only thing that uses it. If Blockchain is so fantastic, then why does not more places, like health care medical records, use this to create the “traceable” transactions so you can have access to your medical record from anywhere? Until it transcends shady, nefarious transactions, it’s only opinion and nothing more.
    #12
    ty_ger07
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 16:58:14 (permalink)
    Grey_Beard
    If it was “traceable” then why has none of the thefts of various coins been caught?

    Because they are stolen from exchanges as an inside job and then laundered using scumbag banks in unregulated countries.  Didn't I already answer that question?
     
    Feel free to do some research.
    #13
    Xavier Zepherious
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 17:03:06 (permalink)
    https://www.ibm.com/blockchain/solutions?p1=Search&p4=43700061991491901&p5=b&gclid=Cj0KCQjwyZmEBhCpARIsALIzmnLaLnp-6dv0Hu1qCKay4L-lxSqRPFgbgzL0eZkvPPnWat1cMf0FsrgaAsHnEALw_wcB&gclsrc=aw.ds
     
    https://www.news-medical.net/health/Blockchain-Applications-in-Healthcare.aspx
     
    https://zipmex.com/learn/is-bitcoin-traceable/
     
     
    yes blockchain is going to be used in everything soon
     
     
    yes they have traced illegal transactions with bitcoins 
    it's not the good old days at the beginning when there was no tools and governments did not enforce exchanges to share data
    things have changed in the last few years - having major countries accepting the use of bitcoin
    it is taxable - you better declare it otherwise you risk an audit and tax evasion charges
    there is also capital gains on that like stocks
     
     
    no it's not currency  it treated like gold or bearer bonds - ie stock - you can give stock to someone - or gold and it's good as cash
    i mean if you dropped a gold bar at a car dealership are they gonna turn you away???
    would you turn away someone if they offered you a gold bar or two for your car???
     
    they can only trace transactions - so as long as you don't spend it they can't find it
     
    they can trace it to your exchange and even to your wallet(cell phone/computer/ip addr)
     
     


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    #14
    Hoggle
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 18:29:51 (permalink)
    It will be interesting to see what can be done since the question will also be the laws that are broken. In some countries they have no way to charge a crime for digital thief. It also creates a recognition of the value of digital currency. It would be different if it wasn’t a crypto currency since real recognized money has recognized value but for non recognized currency the value of the thief is nothing.

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    veganfanatic
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 18:42:12 (permalink)
    I posted that earlier today from a turkish news source somebody sent me. There is a warrant out for the accused.
     
    I first posted 3 days ago and I have updated it as more comes in
     
     
    post edited by veganfanatic - 2021/04/26 18:52:16

      


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    Grey_Beard
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 19:02:08 (permalink)
    ty_ger07
    Grey_Beard
    If it was “traceable” then why has none of the thefts of various coins been caught?

    Because they are stolen from exchanges as an inside job and then laundered using scumbag banks in unregulated countries.  Didn't I already answer that question?
     
    Feel free to do some research.


    So let me get this straight. It’s traceable but people can cover their tracks. Seems that it untraceable to me. It is either traceable or it’s not. Very simple concept. It does not fit into that then it’s not the right answer. 2+2 does equal 4.
    #17
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 19:05:43 (permalink)
    Hoggle
    It will be interesting to see what can be done since the question will also be the laws that are broken. In some countries they have no way to charge a crime for digital thief. It also creates a recognition of the value of digital currency. It would be different if it wasn’t a crypto currency since real recognized money has recognized value but for non recognized currency the value of the thief is nothing.


    The economy and assets of a country support that country’s currency. That is how it gets value. People know the note will be paid by the issuing country. Not sure how that works with this stuff. Seems a decentralized process is rife with problems and much risk. At least I know T-bills will be paid at the date of maturity. Cannot say that for this stuff.
    #18
    ty_ger07
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 20:42:47 (permalink)
    Grey_Beard
    So let me get this straight. It’s traceable but people can cover their tracks. Seems that it untraceable to me. It is either traceable or it’s not. Very simple concept. It does not fit into that then it’s not the right answer. 2+2 does equal 4.

    I am not sure what you are not comprehending.
     
    Most cryptocurrencies are traceable.  When I say traceable, I mean that every transaction is traceable, but the identity of the person may not be known or provable.  Just because you can trace every single step, doesn't mean that you can prove the identity of the person.  KYC and AML regulations determine that.  Since it is HIS exchange, if HE didn't follow KYC and AML regulations, the information available to investigators to prove that HE is the thief who made transactions on HIS exchange may be limited.  And then, when he sells it on HIS exchange and wire transfers it to bank accounts, depending on the banks he used to transfer money, the level of information the banks are willing or required to provide to investigators may be limited, and PROVING that HE took the money may be difficult.
     
    He is essentially saying that he didn't take the money and 'prove it!'.  Since it is HIS exchange, even if his exchange did follow KYC and AML regulations, he could have manipulated or destroyed records related to himself.
     
    It's just standard money laundering stuff.  Cryptocurrency doesn't change that game.  Regulations change that game.  Regardless of whether it is a cryptocurrency or a bank account, it's just numbers in an anonymous account until an identity is provided.  There are some banks in some countries whose whole business model is to protect criminals, because they operate in a country with little regulation, and the criminals will gladly pay the banks' big fees in order to receive their protection of anonymity.
     
    Proving that money moved around is not a problem.  It is traceable.  Proving WHO moved the money is the problem.  That is controlled by regulation.  Regulation is not so good in some places.
     
    Most cyprtocurrencies are way more traceable than a dollar.  For those cryptocurrencies, every transaction is like a bank to bank transaction where everything is logged; unlike a dollar which can lose traceability when it is spent in a vending machine, convenience store, or wherever.
     
    Don't get me wrong, inside jobs are crimes.  Assuming that he did do this crime, I am not arguing that he is not a criminal.  All I am saying is that it may be difficult to prove.  When the fox is running the hen-house, these things happen.  This is why nobody should leave their cryptocurrency in an exchange for any unnecessary period of time.
     
    When a robber steals money, do you blame the money or the robber?
    post edited by ty_ger07 - 2021/04/27 07:36:35
    #19
    Xavier Zepherious
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 22:22:22 (permalink)
    we are also dealing with the turkish gov here
     
    a gov that would go out of its way to arrest people that are a threat to it's leadership - much like putin goes after his rivals
    yes its a nato partner - but barely - the turkish president Erdewan has been aligning himself more with China and Russia lately and has been behaving like a communist dictator
     
    so yes the guy could be framed - i wouldn't put it past the turkish gov...they have done it before with other political threats
     
    basically you dealing with a shaddy gov - in a country that has questionable laws and policing in the first place
    lots of shaddy stuff takes place there as it is....
     
    or can you remember the gov declaring an emergency - and a supposebly coup d'etat attempt - so he could wipe out his opposition
     


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    #20
    Brad_Hawthorne
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/26 23:03:18 (permalink)
    When you are able to write the rules of the game and people buy into it. Winner, winner, chicken dinner.
    #21
    Hoggle
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/27 02:59:36 (permalink)
    Grey_Beard
    Hoggle
    It will be interesting to see what can be done since the question will also be the laws that are broken. In some countries they have no way to charge a crime for digital thief. It also creates a recognition of the value of digital currency. It would be different if it wasn’t a crypto currency since real recognized money has recognized value but for non recognized currency the value of the thief is nothing.


    The economy and assets of a country support that country’s currency. That is how it gets value. People know the note will be paid by the issuing country. Not sure how that works with this stuff. Seems a decentralized process is rife with problems and much risk. At least I know T-bills will be paid at the date of maturity. Cannot say that for this stuff.


    It gets into a legal nightmare since if a country in court recognized crypto currency as having value it creates a legal precedent. It also gets into the fact it has nothing physically supporting it like a stock is part of a company or money which used to be backed by gold. Legally it’s a nightmare to try to build a case since most laws are written well before of crypto currency so they don’t offer much legal protection. Not saying what the guy did is right but just saying it’s hard to really put value on this over someone saying there ex-girlfriend deleted all your photos which you claim is worth $2 billion in damages.

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    #22
    Miguell
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/28 03:54:23 (permalink)
    well well well...
    i just feel bad for the simpler folks who went along this Virtual coin fraud
     
    as for the miners...   i dont care about them.  let their pockets burn deep
     
     

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    Riddikulus
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/28 06:41:05 (permalink)
    Many such cases
    #24
    Zixinus
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/28 09:11:42 (permalink)
    The guy probably remembered the last, most important part of any successful get-rich-quick scheme: get away with the money without them being able to follow you.
    #25
    Bwarf
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/28 11:40:54 (permalink)
    I'm really thinking this kind of things will happen more and more. Cryptocoins attract so much people now, good one and bad one unfortunately.
    #26
    TexAg12
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/30 12:33:09 (permalink)
    Great more reason to hate Crypto. I bet he is thinking to him self wow what idiots to think this is a good idea.

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    #27
    Miguell
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/30 13:40:34 (permalink)
    but there is no follow up on this??  police? some sort of investigation?
     
    i mean.. they just gonna let the guy get away with other people's money?
     
    and i agree with Bwarf this kind of thing will happen more and more... most likely.. if no one starts to regulate crypto
     
     

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    #28
    Bluuhaku
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/30 14:54:17 (permalink)
    As long as people actively feed into crypto, this will keep happening. Its a literal problem with crypto's premise.
    #29
    henrickd
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    Re: CRYPTO founder steals 2 BILLION !!! - disappears 2021/04/30 17:34:33 (permalink)
    At least this one didn't fake his death lmao!
    #30
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