Scammer Steals $119m in Dogecoin Scam

• A scammer has managed to steal $119 million from multiple investors in Turkey by promising massive returns in his Dogecoin mining business

• Police believe that an online pseudonym Turgut V is and 11 other associates are behind the Dogecoin scam

• The group managed to collect about 350 million Dogecoin from 1,500 investors before disappearing

A Turkish scammer has managed to disappear with $119 million (€100 million) worth of Dogecoin after defrauding numerous investors.

Police revealed that the Dogecoin scam was perpetrated by an online pseudonym “Turgut V”, according to local news channel TV100.

It is believed that the scammer and 11 others managed to gather 350 million Dogecoin worth $119 million before disappearing.

According to NTV a national broadcaster in Turkey, Turgut V convinced his victims to invest via Zoom meetings and networking meetings.

He told them to buy Dogecoin and send them to him to invest in mining technology with high returns.

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Investors were told that they would get as high as 100 per cent of their capital in 40 days.

One of the victims claimed that Turgut V was true to his words for 3 months, paying back the investors.

In the fourth month, however, when the investments peaked at 350 million, he disappeared with the funds.

Police have begun investigations into the fraud and they have issued an order to ban Turgut V and other associates in the Dogecoin scam from leaving the country.

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