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Thodex trading scandal for investors

Updated: Apr 26, 2021

Thodex trading scandal for investors

The Turkish trading for digital currencies Thodex is closed, thousands of investors cannot get their money. The platform is on the run - and appeased.

Turkey is shaken by the scandal surrounding the closure of one of the largest trading for digital currencies. The Thodex, which was used to conduct business worth several hundred million dollars every day, has not been accessible since Thursday. The financial regulator blocked all business accounts of the crypto exchange, on which thousands of customers are said to have traded. They no longer have access to their accounts. The amount of possible damage is unclear. Turkish news speculates on up to 2 billion dollars. The prosecution has issued almost 80 arrest warrants, according to the state news. The police searched the platform's premises and arrested 62 people.

According to a message published on the Thodex platform, it is reportedly negotiating with international investors. Reports that 390,000 customers were affected and up to 2 billion dollars disappeared are wrong, according to the Thodex platform without naming an author. Investors' worries are unfounded and trading is only temporarily interrupted. But there are problems with accounts after a hacker attack.

Thodex trading scandal for investors
Thodex trading scandal for investors

There Are Calls For Stronger Regulation

Thousands of potential victims do not trust the insurance and have filed complaints across the country. There were calls for greater regulation of digital currency trading venues.

Just a week ago, the central bank had banned payments with cryptocurrencies in the country from April 30th. Trading and paying with digital money would present risks and possibly lead to irreparable damage. Digital currencies are not regulated and are not subject to the supervision of a bank. The news is also likely, like the recent announcement of high taxation, that cryptocurrencies have lost a lot of value.

The contents of this article are for informational purposes only and are not investment advice.

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