Cryptocurrency exchanges that are still bankrupt!

SAFAKNA TURKEY – Cryptocurrencies, which have entered our lives since the 2010s, have brought with them the exchange of cryptocurrencies.

from Asia to America; While exchanges were created where dozens of cryptocurrency transactions from America to Europe can be made, the first breakthroughs in this sense were made in our country.

Cryptocurrencies, which are exempt from taxes in countries where there is no regulation, have quickly gained value in accordance with the balance of supply and demand, while providing large returns to their investors.

For this reason, some cryptocurrency exchanges have launched various campaigns to attract new customers to their platforms. Some gave small cryptocurrencies to new members, while others offered interest rates of 5 or 10 percent.

So, what precautions can be taken against such fraudulent methods?

Fatih Cengil, Ph.D. from Istanbul University of Commerce, made specific recommendations to investors in his special statement to; He explained how the cryptoworld works. Here is Sengil’s explanation:


Fatih Sengil, an expert in the field of cryptocurrency law, warned investors in the sector with the following words:

“People need to be very careful and think carefully about investing in crypto assets. This market contains very important risks. Here, an important issue is the reliability of the crypto asset in which investments are made, and the crypto asset exchanges (trading platforms) on which crypto assets are traded and stored.


Commenting on the “technical glitch” on some cryptocurrency exchanges from a different perspective, Sengil continued as follows:

“Many crypto assets on the market operate similarly to a Ponzi system. This has happened before on crypto asset exchanges when the stock market closed a trade and lost money, and also closed transactions showing technical errors, especially during periods when there are too many ups and downs in crypto assets. Therefore, choosing a reliable exchange is also very important.”


Explaining that the system is based on the exploitation of human labor, Fatih Chengil gave extremely critical advice to investors:

“Crypto assets are a generally working system based on the exploitation of human labor by capital. In them, he aims for capital to exploit people by creating fluctuations in value. This is the current application. Because we don’t know when crypto assets will depreciate, people often lose their money. The money there also goes to high net worth owners who can dominate the respective crypto asset.”

Sengil, Ph.D., concluded his statement by stating that the technology in question could bring great benefits to humanity, despite developments on some cryptocurrency exchanges.

The victims were 400,000 people who fled to the Bahamas BEFORE INVESTIGATION

FTX, founded in May 2019 as a partnership between Sam Bankman-Fried and Gary Wang, was one such organization.

FTX, which became the second largest company in the sector and went bankrupt in 3 years, caused discontent of 400 thousand people. In desperation, 400,000 people who actually had money turned to the US authorities. But Sam Bankman-Freed was already on his way to the Bahamas with bags full of cash.


A young swindler who fled the United States, as soon as he smelled an investigation, took refuge in the Bahamas, in the Caribbean tourist country, taking with him billions of dollars.

However, when the US demanded Bankman-Fried’s extradition, Bahamas prosecutors took action and caught the suspect and handed him over to US authorities.

Born in 1992, Sam Bankman-Fried is believed to have made at least $8 billion from his FTX ponzi.

On the other hand, it is known that Sam Bankman-Fried is not the first scammer in the crypto-money industry. Here are all the cryptocurrency exchanges that went bankrupt or became victims of their clients!


US-based BlockFi, like FTX, recently signed a $400 million deal with FTX. BlockFi, whose shares were worth about $260 million, is facing a liquidity crunch following the news of FTX’s bankruptcy.

When thousands of people on the app tried to get their money back, BlockFi Management announced that they had filed for bankruptcy. Current information about the company $256.9 million He is said to have held a coin in his hand.


Thodex, operating in Turkey, reached tens of thousands of users in a short time and took its place in the global market. A company that has reached a volume of 2 billion dollars, He filed for bankruptcy in April 2021.

The founder of the company, Faruk Fatih Ozer, first deceived his customers with the lie that “the application is undergoing maintenance” and then fled to Albania. While tens of thousands of people have lost their money to Thodex, the suspect Ozer was caught in August 2022.


Registered as the first cryptocurrency exchange ponzi, MT. Although GOX is a company founded in Japan, it operated between 2010 and 2014. In 2013, 70 percent of the world’s bitcoin transactions were made here, MT. GOX’s market share has been growing day by day.

In 2014, authorities made a claim that 800,000 bitcoins had been stolen. In the days that followed, the bankruptcy flag was raised. It was reported that there was a $450 million hijacking at the time and tens of thousands of people went to the MT in Japan. He expressed his dissatisfaction in front of the GOX building.


Texan Brandon Shavers, originally from America; he later founded one of the first cryptocurrency industry exchanges in the world. Shavers promised to pay 7 percent weekly to bring in new customers. But in 2012, just one year later, the number of bitcoins in the system passed the 700,000 mark.

In other words, trading volume has increased. Shavers, unable to pay 7 percent weekly, disappeared, declaring the company bankrupt. US authorities sentenced Shavers to 1.5 years in prison, ruling that he caught and organized the pyramid scheme.


Moopay, which entered the industry in 2014 when cryptocurrencies were at their peak, filed for bankruptcy the same year. The company’s CEO, Alex Green, said the process was blocked because they couldn’t meet their cash needs.

But in the days that followed, it was revealed that Alex Green was the notorious internet scammer Ryan Kennedy. Kennedy, who was caught by the British police, was sentenced to 11 years in prison. Kennedy confiscated $2 million that dozens of customers had invested in the app.


One of the unforgettable ponzi cases in the history of cryptocurrency exchanges took place in Hong Kong. A formation called MyCoin promised that they could earn 150 percent if 90 bitcoins were deposited on their platform in 2014.

Tens of thousands of victims who wanted to earn money in a short time in a simple way deposited all their bitcoins into MyCoin. The owners of MyCoin, whose volume reached $400 million, disappeared without explaining anything to anyone. While the scammers are still inaccessible, the complaints of those who lost their money due to the application have not been resolved.


South African company MTI signed one of the biggest hits in the cryptocurrency markets in 2020. MTI, seen in violations at the initiative of the South African authorities, froze all accounts on the platform and made a profit of $540 million.

While the lawsuit is still ongoing, MTI victims have lost their money, just like other ponzis. This African-based stock market also promised its clients big returns in a short amount of time.


Paritex, one of Turkey’s crypto exchanges, announced to its investors on September 13, 2022 that its websites and applications have been put on maintenance, as has Thodex.

Ozgur Serkan Uslu

It was known that the company, owned by Ozgur Serkan Uslu, reached the volume of 50 million Turkish liras. Uslu, which was previously also mentioned in the MPAX Coin case, was tried in a case where 12,000 people were deceived.

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