Turcoin Turned out to be Scam
The Turcoin project, developed by the Turkish Hipper company turned out to be scam. One of the coin creators, Sadun Kaya left the country with the investors’ money.
Altcoin sale began in October 2017. Muhammed Satıroğlu and Sadun Kaya organized events for investors and local celebrities in order to promote the coin, which they called the “national Turkish cryptocurrency”. They did everything to raise the money, including gifting expensive cars to key investors.
Later it turned out that part of the cars did not reach their destination, and served as a bait only to attract more people. In accordance with the best traditions of a pyramid investment scheme, each new investor increased income of a person who invited them to the project. Hipper promised $50 of monthly income for every $300.
The project stopped paying in the beginning of June, and then one of the pyramid creators disappeared. The scammer took more than $20 million that he received from the investors. Some media assume that the amount of loss may exceed $200 million.