Join for quick access. Enter your email below and we'll send confirmation plus sign you up to our newsletter.
By submitting your information, you confirm you are aged 16 or over,
have read our
Privacy Policy
and agree to the
Terms & Conditions. Geographical rules apply.
Stay On the Cutting Edge: Get the Tom's Hardware Newsletter
Get Tom's Hardware's best news and in-depth reviews, straight to your inbox.
You are now subscribed
Your newsletter sign-up was successful
Join the club
Get full access to premium articles, exclusive features and a growing list of member rewards.
An account already exists for this email address, please log in.
Vebitcoin, a Turkish crypto exchange that traded an estimated $60 million per day, has ceased operation as authorities have now arrested four of the company's senior employees and froze the exchange's assets. This development comes in the wake of last week's collapse of the Theodex crypto exchange, a result of the founder dissapearing with $2 billion.
As cryptocurrency is an attractive way to preserve savings in Turkey, and almost everyone can establish their own crypto exchange — the cryptocurrency industry in the country is flooded both with scammers and organizations led by people without proper education or experience. Last week crypto exchange Thodex ceased to serve its clients as its founder fled the country with $2 billion. In that case, the authorities jailed six former employees of Thodex but still have not found the missing $2 billion.
Vebitcoin, a cryptocurrency exchange from Turkey, also went offline this week as authorities in the country blocked its domestic bank accounts and detained four people as part of a probe, reports CNBC. Vebitcoin's daily trading volumes before the collapse were about $60 million, according to data from CoinGecko. It is unclear how many people were affected by the Vebitcoin collapse.
The situation with Thodex flop is also developing in Turkey as authorities arrested as many as 62 people allegedly connected to the crypto exchange over the week, reports BBC. Among the arrested are siblings of Faruk Fatih Özer, the CEO who went missing with $2 billion. Turkish government news agency Anadolu claims that Güven Özer and Serap Özer assisted their relatives and played major roles in the scam scheme. Both hold or held millions of U.S. dollars on crypto accounts on Binance, BtcTurk, and Paribu.
Turkey is in the process of hardening its stance on crypto currencies and has already banned crypto payments.
Stay On the Cutting Edge: Get the Tom's Hardware Newsletter
Get Tom's Hardware's best news and in-depth reviews, straight to your inbox.
Anton Shilov is a contributing writer at Tom’s Hardware. Over the past couple of decades, he has covered everything from CPUs and GPUs to supercomputers and from modern process technologies and latest fab tools to high-tech industry trends.
Oh boy.
I am pretty doubtful there are any luxury suites in Turkish jails or prisons.
Seems like I remember from the 'Locked up Abroad' tv show, very few prisons outside of the U.S. are comfy at all(go figure).
Oh boy.
I am pretty doubtful there are any luxury suites in Turkish jails or prisons.
Seems like I remember from the 'Locked up Abroad' tv show, very few prisons outside of the U.S. are comfy at all(go figure).
Yeah, because the point is to punish them, not send them on friggen paid vacations. What is a constant around the globe is one thing though: if you got enough money, it won't matter.
That is incredibly off-topic, but it is funny to touch on.
