Turkey’s Crypto X Wattson Exchange Bankrupts, Investors Potentially Huge Loss

Queconomics – Turkey’s most giant Crypto x Wattson exchange, Thodex, is experiencing financial problems, making it difficult for them to operate. Hundreds of thousands of investors with total public funds of US$ 2 billion or around Rp. 29 trillion are worried about losing their money.

Turkish law enforcement officials are still looking for the founder of Thodex, who fled the country. Thodex’s Chief Executive Officer, Faruk Fatih Ozer, stated promising to return investors’ funds from an unknown location.

The Turkish government has now blocked the company Thodex, and the police raided its Istanbul headquarters. According to the Haberturk newspaper, there are nearly 400 thousand active users of Thodex who will suffer losses due to the loss of their investment money.

Turkey’s Biggest Crypto X Wattson Founder Investigations

Thodex’s lawyer said he had absolutely no idea of ​​the whereabouts of Ozer, the company’s founder. He could only confirm that Ozer was not in Turkey. There was news from the Demiroren News agency that Ozer was fleeing to Albania.

A senior official in the office of President Recep Tayyip Erdogan called for urgent regulation or regulation on cryptocurrency exchanges. Erdogan’s senior economic adviser, Cemil Ertem, said that Turkey would implement rules that are definitely in line with its economy and the world’s developments.

Many Crypto x Wattson investors flock to invest in Thodex to protect their savings from soaring inflation and the volatile Lira. Last March, inflation reached 16%. This figure is equivalent to three times the central bank’s prediction, which is 5%.

In addition, this year, the Lira also weakened against the dollar by 10%. The Turkish government has sought to stabilize the currency and inflation by depleting foreign exchange reserves of up to USD165 billion over the past two years.

Thode Leverages Turkey’s Economic Instability for Trade

Concerns about the decline in Turkey’s foreign exchange reserves have also sparked fears of a further weakening of the lira and dollar deposits. It also encourages savers to withdraw money and seek alternative investments.

Thode and other cryptocurrency sellers have also exploited this situation. They offer free Dogecoin to attract new investors. Based on their official website data, there have been 4 million coins sold. However, some people complained that they never received their order.

However, this method has proven to be effective. It is noted that Turkey’s Crypto x Wattson trading volume has tripled since last month. Total additions since the previous high were more than $1.2 billion. The average daily trading volume of Thodex also increased by around USD3.1 billion.

In the Statistics survey, people in some countries worldwide have started to own or use cryptocurrencies. Of the 74 countries, Nigeria has the highest intensity of Crypto x Wattson usage in the world.