The crypto-community has long been plagued by scams and frauds. Especially since people have often come up with ingenious ways to rip users off their crypto-holdings. A recent example from Turkey is a case in point.

According to Turkish media reports, a scam involving Dogecoin has allegedly amassed fraudsters $119 million in deposits.

Local channel TV100 broke the news earlier this week, revealing that the fraudster, “Turgut V,” is now on the run with all the funds. Along with his 11 associates, “Turgut” apparently tricked about 1,500 Turkish citizens into investing in Dogecoin mining technology.

Promising 100% returns on their investments in 40 days, the fraudsters would personally meet would-be investors at luxury networking events and via zoom calls. They also had an online Telegram group to discuss the business venture. Potential investors were told to buy DOGE and transfer it to “Turgut” who claimed he would use…

Read full article at ambcrypto.com

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