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Crypto Exchange Founder Disappears with $2 Billion

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Summary

A Crypto Exchange Founder in Turkey has fled with $2billion of Currency

 

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Quote

 The founder of a popular crypto exchange in Turkey has disappeared, with media reports indicating that he has fled the country with $2 billion as roughly 300,000 frustrated users have suddenly lost access to their accounts.

 

My thoughts

 I couldn't help but smile when I saw this, I know this guy is a crook but maybe it make some people think twice before mining and maybe we can have our tech back!

 

Sources

https://www.tomshardware.com/uk/news/turkish-crypto-exchange-goes-bankrupt-losses-2-billion-usd

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That is all.  

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Good thing crypto is decentralized.... 

🌲🌲🌲

Judge the product by its own merits, not by the Company that created it.

 

Don't dilute <good thing> by always trying to focus on, and drag conversation back to, <bad thing>.

🌲🌲🌲

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3 minutes ago, Ar558a said:

 I couldn't help but smile when I saw this, I know this guy is a crook but maybe it make some people think twice before mining and maybe we can have our tech back!

Tech youtubers need to stop perpetuating this.

1. mining is not the problem, at least not most of it. In all likely hood, most caards are probably going to gamers (though id bet most gamers now after ltt talked about it are also miners), just so many people want cards from a very limited supply

2. cryptoexchange =/= miners. Probably most of the people without their crypto dont know how mining works, much less do mine. This is akin to someone taking 2bil worth of stocks and selling them.

3. anyone who think its a good thing that people got something stolen from them it has really big moral problems going on. Hell, even scalpers dont deserve to be robbed of billions.

I am still TechWizardThatNeedsHelp, just less of a mouthfull.                                     This is not financial advice. I am not a financial advisor. I am not tiable for what you do

ALWAYS REMEMBER: FULL SPECS IN A TROUBLESHOOTING QUESTION AND TO NOT BE A DICK IF SOMEONE CANT FIGURE OUT THE ISSUE

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Here's some more information since the Tomshardware article is oddly vague.

https://www.bbc.com/news/world-europe-56871403

Spoiler

"Increasing numbers of people are opting to use cryptocurrencies in Turkey in an attempt to protect their savings from a sharp decline in the value of the local currency, the lira. But the Turkish cryptocurrency market is unregulated.

Last week, Turkey said it would ban the use of cryptocurrencies to pay for goods and services from 30 April."

"On Friday, Vebitcoin announced on its website it had stopped all activities "in order to fulfil all regulations and claims". It was not immediately clear how many people had been affected.

"Due to the recent developments in the crypto money industry, there was a much higher density in our operations than expected. We would like to state with regret that this situation has led us to a very difficult process," it said.

Meanwhile, Turkey has issued an international arrest warrant for the Thodex founder, Faruk Fatih Ozer, who reportedly fled to Albania with an alleged $2bn (£1.4bn) from investors.

Police also arrested 62 people over alleged connections to Thodex. Mr Ozer called the allegations against him "baseless" and said he was in Albania for work meetings."

 

I'm not actually trying to be as grumpy as it seems.

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3 minutes ago, HelpfulTechWizard said:

even scalpers dont deserve to be robbed of billions.

they deserve it.

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4 minutes ago, HelpfulTechWizard said:

3. anyone who think its a good thing that people got something stolen from them it has really big moral problems going on. Hell, even scalpers dont deserve to be robbed of billions.

I feel the same way I would if I heard a bunch of Drug dealers had their drugs stolen.... 

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And now we sit back, watch and see why we can't have a dedicated crypto thread.

Spoiler

giphy.gif

 

I'm not actually trying to be as grumpy as it seems.

Project Hot Box

CPU Ryzen 7 5800x, Motherboard MSI MPG B550I Gaming Edge Wifi, RAM CORSAIR Vengeance LPX 32GB 3200mhz (2x16), GPU AMD Raedon 6800 XT FE, Case Silverstone RVZ03B, Storage CORSAIR Force Series MP510 1920GB NVMe, CORSAIR FORCE Series MP510 960GB NVMe, PSU CORSAIR sf600, Cooling Noctua NH-L12S, Displays LG 34UC98-W 34-Inch, 32 inch curved that I can't find the model number for right now; UPerfect 7 inch LCD Aida64 Display, Keyboard Corsair K95, Mouse Corsair Nightblade, Sound AT2020+ USB Mic, Massdrop 6xx headphones, Schiit Magni, Modi Loki mini stack. 

 

Why is the 5800x so hot?

 

 

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Just now, Ar558a said:

I feel the same way I would if I heard a bunch of Drug dealers had their drugs stolen.... 

thats no where teh same thing. But its still a crime. And still bad. This might be a hot take, but id rather have a dealer deal drugs than someone try to make it them selves and blow something up.

I am still TechWizardThatNeedsHelp, just less of a mouthfull.                                     This is not financial advice. I am not a financial advisor. I am not tiable for what you do

ALWAYS REMEMBER: FULL SPECS IN A TROUBLESHOOTING QUESTION AND TO NOT BE A DICK IF SOMEONE CANT FIGURE OUT THE ISSUE

My beautiful, but not that powerful, main PC:

prior build:

Spoiler

 

 

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2 minutes ago, Ar558a said:

I feel the same way I would if I heard a bunch of Drug dealers had their drugs stolen.... 

Drugs =/= crypto. They're VERY different.

If I need to explain why, something is wrong.

 

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Just now, HelpfulTechWizard said:

thats no where teh same thing. But its still a crime. And still bad. This might be a hot take, but id rather have a dealer deal drugs than someone try to make it them selves and blow something up.

If people blew themselves up they would stop trying after enough explosions

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Just now, Ar558a said:

There are different you use the latter to buy the former.

Using crypto to buy something illegal does not make it illegal. People use USD to by drugs, EUR to buy drugs, etc. So your point is useless.

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Just now, FakeKGB said:

Using crypto to buy something illegal does not make it illegal. People use USD to by drugs, EUR to buy drugs, etc. So your point is useless.

I'm not denying that they use other currencies to buy drugs but surely a digital currency understood by almost no-one and therefore hard to trace by almost everyone is perfect for criminal activity. IF you are acting legally and have nothing to hide why not use USD, GBP or EUR? The only reason to hide transactions (or at least make it much harder to trace them) is because you are either a paranoid tin hat wearer or up to criminal activity.

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5 minutes ago, Ar558a said:

They are different. You use the latter to buy the former.

not really. You use usd or gbp or eur to buy drugs.

1 minute ago, Ar558a said:

I'm not denying that they use other currencies to buy drugs but surely a digital currency understood by almost no-one and therefore hard to trace by almost everyone is perfect for criminal activity. IF you are acting legally and have nothing to hide why not use USD, GBP or EUR? The only reason to hide transactions (or at least make it much harder to trace them) is because you are either a paranoid tin hat wearer or up to criminal activity.

Because you cant move around usd as easily. if you want to transfer money to anyone anywhere, for any reason, its way easier to do with crypto. You can also buy things with crypto without having a paypall or venmo account, or any other account.

I am still TechWizardThatNeedsHelp, just less of a mouthfull.                                     This is not financial advice. I am not a financial advisor. I am not tiable for what you do

ALWAYS REMEMBER: FULL SPECS IN A TROUBLESHOOTING QUESTION AND TO NOT BE A DICK IF SOMEONE CANT FIGURE OUT THE ISSUE

My beautiful, but not that powerful, main PC:

prior build:

Spoiler

 

 

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13 minutes ago, Ashley MLP Fangirl said:

they deserve it.

They do big time.  Fuq em.

 

I hope many people go broke sell their gpus for pennies to the dollar!

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1 minute ago, Ar558a said:

The only reason to hide transactions (or at least make it much harder to trace them) is because you are either a paranoid tin hat wearer or up to criminal activity.

The bifuraction fallacy: An argument where a choice with only two options is presented. E.g. "You didn't eat your food? You either didn't like it or aren't hungry." Which is incorrect.

 

There are plenty of reasons why I'd like to hide my transactions - perhaps I'd like to make it much harder for my bank to spy on what I'm buying, perhaps I'd like to hide my purchases from my parents (not because it's criminal, just because I'd like to), or maybe I'd like to not bother with long wait times because the bank wire transfer system takes forever. Plus you don't need a PayPal/Venmo/etc. account.

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Just now, HelpfulTechWizard said:

Because you cant move around usd as easily. if you want to transfer money to anyone anywhere, for any reason, its way easier to do with crypto. You can also buy things with crypto without having a paypall or venmo account, or any other account.

Why wouldn't you use paypal or Venmo or have an Account. Not having an account is trying to hide which is suspicious. Making it easy to transfer large amounts of money internationally sounds perfect for Organised crime and Terrorist organisations to me! 

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Just now, Ar558a said:

Why wouldn't you use paypal or Venmo or have an Account. Not having an account is trying to hide which is suspicious. Making it easy to transfer large amounts of money internationally sounds perfect for Organised crime and Terrorist organisations to me! 

Using a username that isn't your real name is also trying to hide, which is suspicious. Anonymity online in general sounds suspicious. 

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I'm not actually trying to be as grumpy as it seems.

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Why is the 5800x so hot?

 

 

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2 minutes ago, FakeKGB said:

There are plenty of reasons why I'd like to hide my transactions - perhaps I'd like to make it much harder for my bank to spy on what I'm buying, perhaps I'd like to hide my purchases from my parents (not because it's criminal, just because I'd like to), or maybe I'd like to not bother with long wait times because the bank wire transfer system takes forever. Plus you don't need a PayPal/Venmo/etc. account.

Well this makes me VERY suspicious, why do you need to hide what you buying from yoru bank if you are acting legally? They don't care what you are buying if it is Legal?

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12 minutes ago, Ar558a said:

You use the latter to buy the former.

You can also use cash to buy drugs. This means absolutely nothing.

 

The majority of people who lost money (possibly even their life savings) arent miners, they are people who invested in cryptocurrency because they think it will raise in value the same as any other investor in the stock market. You are pretty much saying that you are glad that there are people who most if not lost everything they have which is just wrong.

I am far from an expert in this so please correct me if I’m wrong.

Quote or tag me so I can see your response

 

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