Turkish authorities are investigating an alleged Dogecoin mining scam that pulled the rug on investors after amassing $119 million worth of deposits. Police have identified pseudonymous online avatar “Turgut V.” as the scheme’s suspected operator. Authorities believe that Turgut and 11 associates managed to gather close to 350 million Dogecoin valued at $119 million before disappearing.
Turgut reportedly solicited investments from 1,500 Turkish citizens, drumming up excitement for the Dogecoin “mining” operation at in-person networking events held at ritzy locations, and by using a Telegram group online. Investors were promised returns of 100% in 40 days and reportedly paid returns for around 3 months.
The operation ran smoothly for its first three months, with early investors receiving their returns as promised. However, after the scheme’s total value locked (TVL) peaked at 350 million Dogecoin during its fourth month, the funds reportedly disappeared.
The Chief Public Prosecutor’s Office of the Turkish suburb Küçükçekmece is now carrying out an ongoing investigation to locate Turgut and his 11 associates.
