Turkish Police Investigate The Pyramid On Dogecoin Mining – Bits Media

Turkish law enforcement uncovered yet another cryptocurrency pyramid. Scammers lured people with big profits from mining Dogecoin. They managed to collect more $119 million.

As reported
local TV channel TV100, now the police are trying to establish an identity an anonymous user under the pseudonym "Turgut V." - the alleged operator of the pyramid. Together with 11 he collected 350 million DOGE by his accomplices, after which the scammers fled.

According to law enforcement, the victims of the pyramid were 1,500 Turkish citizens. The operators of the fraudulent scheme lured users through a group in the Telegram messenger, and also through offline events in various fashionable locations.

The scammers promised a profit in 100% only 40 days and even diligently paid interest in the first three months of the pyramid's existence. After that, how was it collected on the scammers' wallets $119 million in DOGE, they just disappeared with the money.

Fraudsters were collecting money allegedly to buy some new equipment for mining Dogecoin. This coin, in fact, fork of the Litecoin cryptocurrency and runs on the Scrypt hashing algorithm. For mining cryptocurrencies on this algorithm, special ASIC miners are produced, although it is significantly inferior in popularity, eg, SHA-256 и ethash.

Interesting, that in the opinion of the President of the Federal Reserve Bank (FRB) American State of Minneapolis by Neil Kashkari (Neel Kashkari) Dogecoin itself is also a financial pyramid.