In Turkey, scammers extorted $119 million from DOGE investors

In Turkey, the authorities are investigating the Dogecoin mining scam, as a result of which investors lost savings from deposits in the amount of $119 million.

A report from the local TV100 channel on 23 August reported that the police had identified the swindler under the pseudonym “Turgut V.”.

Turgut and 11 of his accomplices are reported to have attracted investment from 1,500 Turkish citizens, sparking excitement about Dogecoin “mining” at personal networking events held in posh locations and via the Telegram group on the Internet.

Investors were promised 100% profits in 40 days, and full profits were to be paid within three months. According to the scheme, Dogecoin sent by investors was to be used to purchase new equipment for DOGE mining.

During the first three months, investors received their profits as promised. However, after the total scheme locked up (TVL) value peaked at 350 million Dogecoins in the fourth month, the funds disappeared.

The General Prosecutor’s Office of the Turkish suburb of Kucukcekmece is currently investigating the whereabouts of Turgut and his 11 accomplices.

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