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Turkey’s cryptocurrency crisis may have a silver lining

The events in Turkey highlight the risk associated with cryptocurrencies that are increasingly being traded globally and are not governed by any authority.

April 28, 2021 / 09:42 AM IST
Turkey’s cryptocurrency crisis may have a silver lining

The founder of Turkish cryptocurrency exchange Thodex has reportedly fled the country with billions of dollars in user assets since April 22nd. Within days, a second cryptocurrency exchange, Vebitcoin, has collapsed in Turkey amid a crackdown on the industry. Vebitcoin posted a message on its website saying that it has ceased all activities after facing financial strain and that it would update clients on the situation as soon as possible. Thodex’s founder Faruk Fatih Ozer is absconding with $2 billion of investors’ funds with him. Turkey has issued an international arrest...

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