The crypto community has always suffered from theft and fraud.

For our part, we are trying to Arab BitcoinAnd periodically alert and warn of fraudulent operations targeting holders of cryptocurrency currencies.

Where fraudsters are creative in devising fraudulent methods that enable them to steal investors’ money.

In this article, we will discuss a recent fraudulent operation in Turkey, targeting holders of the Dogecoin digital currency, and its merits are as follows:

According to Turkish media reports, the Dogecoin-related scam in our article has collected $119 million in victims’ money.

published Local Turkish channel TV100 broke the news earlier this week, revealing that the fraudster, named “Turgut V”, is on the run with all the money he collected from the victims.

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It appears that Turgut, along with 11 associates, deceived about 1,500 Turkish citizens, after promising to invest their money in Dogecoin mining technology and provide significant returns in return.

The scammers promised their victims 100% returns on their investment within 40 days.

It is worth noting that the scammers personally met potential investors in luxury places in addition to meetings via ZOOM calls.

They also had an online Telegram group to discuss the business.

Potential investors were told to buy DOGE and turn it into a “Turgut,” who claimed he would use it to purchase equipment to mine Dogecoin.

The scammers reportedly paid investors returns for 3 months, after which these scammers fled with approximately $119 million in Dogecoin.

Currently, the Public Prosecutor’s Office in the Turkish suburb of Kucukcekmece is investigating the case.

“meme” coins are among the digital currencies that have been strongly present in scams over the years, especially after the prosperity of some of them, led by the digital currency DOGE.

Earlier this year, a man lost $500,000 after sending 10 bitcoins to a fake profile that impersonated Elon Musk on Twitter.

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This fake account promised him 100% returns on his investment.

This is just one of the many scams that are run across Twitter, Telegram, and various other channels.

Not only did Musk impersonate Musk, but the fraud also targeted other celebrities in the crypto field, such as the co-founder of Ethereum company Vitalik Buterin and others.

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