32 Million Dollar Vanishes, Another Ponzi Scheme Busts

This is an interesting week in terms of “vanishing”. Let’s start with the mystery of $ 32 million: We admit that we exaggerated a bit: The lost money is actually $ 31.5 million. Bithumb, which is a Korea-based exchange site, managed to lose this amount. According to Coinmarketcap data, Bithumb is Korea’s largest exchange site, with a trading volume of $ 300 million every day. According to the same data, Bithumb is also the world’s seventh largest exchange. Bithumb announced that it suspended all deposit and withdrawal transactions with a Twitter post. The reason for this is that a total of 35 billion won (about 31.5 million dollars) was stolen (1).

There is currently no information on how the “theft” is done. Bithumb declared that the loss would be compensated by them and announced that they transferred all their assets to a cold wallet. But within a short period of time, the Twitter post that made this statement was deleted. So we do not really know what really happened: Who made the theft? Which crypto currencies were stolen? Why was the announcement deleted? We do not know the answers to these questions, but there is one thing we know: After Bithumb’s statement, all crypto currencies, including Bitcoin, dropped between 3.88% and 4.22% in value. Ripple was most affected by this loss, because there was a rumor that the stolen currencies were Ripple.

Turcoin Vanishes Too

Ever heard of “Turcoin” before? Supposedly, it was the “official” crypto currency project of Turkey. Hipper A.Ş., the company behind the Turcoin, promoted the project with a big event just a couple of months ago. Lots of local celebrities attended the event and the early adopters were awarded 20 luxury cars. It was a good life – until early this month. Turcoin stopped paying bonuses and its office shut-down. It seems Turcoin was just another Ponzi scheme: Members had to bring more members in order to “earn” money. The crypto currency part of the project was just a “product” to sell over and over. In fact, it is not even a real crypto currency that can be bought and sold in exchanges. The “founders” of the project left the country with more than 100 million TL (approximately 21 million USD). Some sources claim that the overall “profit” was more than 150 million USD (2).

So, there you go: It has been 3 days since the week started but already more than 200 million USD “vanished”. If you have a prediction about what will happen in the rest of the week, share with us via comments.

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