Thodex & Vebitcoin: Turkey Crypto Exchanges Closed

cryptorum

Cryptocurrency & Blockchain Forum
Joined
Jun 2017
After Turkish crypto exchanges Thodex and Vebitcoin collapsed, Turkey is planning to establish a central custodian bank to eliminate counterparty risk. Turkey is planning to regulate its cryptocurrency market after two local exchanges crumbled within days:

Turkey Cryptocurrency Exchange Bust Spurs Move for Regulation
Turkey is planning to regulate its cryptocurrency market after two local exchanges crumbled within days.

The government is planning to establish a central custodian bank to eliminate counterparty risk following the collapse of the Thodex and Vebitcoin exchanges last week, according to a senior official familiar with the plans. Authorities are also pondering a capital threshold for exchanges and education requirements for executives at such firms, the official told Bloomberg on Monday, speaking on condition of anonymity as the plans haven’t been finalized yet.

Faruk Fatih Ozer, the 27-year-old fugitive founder of Thodex, said he was a high school dropout.

Preparations for a regulatory framework may be completed in a few weeks, the official said. The Treasury & Finance Ministry, Capital Markets Board and financial crimes watchdog Masak are involved in the effort.

The ministry declined to comment.

Cryptocurrency has drawn in legions of Turkish citizens seeking to protect savings threatened by price instability and a weak currency. The daily volume of trade in Turkish crypto markets over the past 24 hours was about $1.6 billion, according to CoinGecko.com, which tracks data on price, volume and market value on crypto markets.

The turmoil began last Wednesday when Istanbul-based Thodex halted trading and its chief executive fled the country, setting off a manhunt. Vebitcoin, based on the southwestern city of Mugla, halted operations on Friday, citing worsening financial conditions. Ilker Bas, its chief executive officer, and three other employees were formally arrested on Monday, state-run Anadolu news agency reported.
 

cryptorum

Cryptocurrency & Blockchain Forum
Joined
Jun 2017
vebitcoin-turkey.jpg

Official Statement from Vebitcoin
Due to the recent developments in the crypto money industry, our transactions have become much more intense than expected. We would like to state with regret that this situation has led us to a very difficult process in the financial field. We have decided to cease our activities in order to fulfill all regulations and claims. We will inform you as soon as possible.

Translated from Turkish to English
 

cryptorum

Cryptocurrency & Blockchain Forum
Joined
Jun 2017
Thodex-logo.jpg

Official Statement from Thodex
There has been a need to inform the public and dear users who use our Thodex Platform about the period we have lived.

First of all I want to indicate; publicly, my company is Koineks Teknolojileri A. Ş. and many of the claims made about the Thodex platform it owns are unfounded.

Thodex platform, where nearly 700,000 users have traded, has not victimized anyone until today and will not do so anymore. 25,000,000.00 TL, which occurred as a result of the cyber attack against our company in 2018. Without reflecting the damage to any of our users, our company tolerated it with its own means and made serious infrastructure changes in order not to experience a cyber attack again.

Considering both the financial structure of the company and the number of users, it attracted the attention of many domestic and foreign investors, and received very serious partnership offers at the international level. When the financial and digital data were examined together during the partnership negotiations that have been going on for about 3 months, it was determined as of last week that there was an abnormal fluctuation in the company accounts. Thodex Platform has been temporarily closed to determine the reasons and sources of this. While our company technical team was conducting this research, I personally went abroad on 19.04.2021 to make final meetings with foreign investors.

In the examination of company accounts, it was determined that the cyber attack incident continued and the correct data of some account holders could not be reached.

The allegations that I lost about 391,000 people with a loss of about 2 billion USD, which was reflected to the public on 22.04.2021, are unfounded. It is necessary to make this statement in order to respond urgently to these claims that go beyond the limits of honesty and conscience.

Firstly; According to our preliminary findings, only 30,000 of our nearly 700,000 users have a suspicious situation, and the corresponding bank entry fees of these people on the platform are available in their company accounts. In this respect; I first announce to the public that no users will be victims.

ALSO; A TEAM OF PEOPLE WITH THE EXPERT INTRODUCING THEIR OWN TO THE SOCIAL MEDIA, IF NECESSARY THROUGH THE PRESS BROADCAST ORGANS, MAKES THE PUBLIC APPROACH WITH AN AMOUNT THAT DOESN'T COMPLY WITH MIND, LOGIC AND ACCOUNT. FOR; You THODEX LEAVE ALL TRADING VOLUME OF TRADING VOLUME The CRYPTO MONEY IS NOT THIS LEVEL PLATFORMS IN TURKEY.

Thus; The records of our company were previously submitted to the information of institutions such as MASAK, CMB, the Ministry of Treasury and Finance, and it is confirmed by the records of the relevant institutions that there are no irregularities.

This process has turned into a slander campaign with inaccurate and exaggerated discourses and causes harm to both users and myself. For; According to our determinations, the payments will be made after the accounts of around 30,000 users are clear. While our company, whose market value is approximately 40 million USD as of today, can continue its commercial life, as a result of the perception of victimization created in the public, our company is prevented from continuing its commercial life.

The important thing I ask dear users is that the statements not made by our company are not respected. We personally are making the return to Turkey in a few days in cooperation with judicial authorities led to the emergence of real and I declare I will do my best to make every effort to prevent the victimization of users. I want you to be known strongly that; I accept that even such an opinion is attributed to me as a cruelty, as I have never had an activity that would harm my state or nation in any period of my life.

In this way; I kindly submit to the public's knowledge that the smear campaign against both myself and my company should not be respected.

Translated from Turkish to English
 
Top