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A massive scam involving the main meme coin, Dogecoin, in 1 billion lira, or $120 million, was reported in Turkish media.

Following the recent crypto boom, many new investors have entered the market, unprepared that their desire to make money on a new asset class as quickly as possible can play into the hands of cybercriminals. One of these was a Turkish fraudster who went by the alias Turgut V.

As with most of these stories, the duped investors were promised a quick profit of 100 percent in just 40 days from the time they invested in Dogecoin mining. Many industry insiders were probably surprised that someone still believes in such “promises” in principle. Unfortunately, there were more than 1500 of them, not just one or two. They entrusted the scammer with 350 million Dogecoin, equivalent to 1 billion Turkish lira or 120 million dollars.

Turgut V informed its investors that their DOGE deposits would be used for mining, promising to increase their fortunes in the shortest time possible. Profits were initially increasing, and the attacker and the team regularly contacted Telegram and Zoom contributors to persuade them of the increase in investment and the sincerity of intentions. Unfortunately, the project was abruptly closed after four months of frantic activity, as were the associated social media accounts, and the attacker and his eleven accomplices stole all funds.

The silence lasted until the defrauded investors went to lawyers, who then went to law enforcement. After learning of the incident, the General Prosecutor’s Office of Istanbul’s Kucukcekmece province launched an investigation, reaching out to the would-be businessman himself. As it turned out, the fraudulent project was managed by two people simultaneously, with three more serving as managers, one of whom was in charge of all funds received on the account.

Turgut V received a travel ban and a trial in which a verdict would be delivered. The rest of the participants’ preventive measures have yet to be announced.

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