The Turkish crypto boom threatens to go bust quickly as companies fold and President Recep Tayyip Erdogan’s government prepares to rein in the unregulated digital currency market. Turkey issued an international arrest warrant and detained dozens of Thodex employees in raids staged across the country on Friday. Local news reports said police detained Vebitcoin chief executive Iker Bas and three other company employees on Saturday as part of a broader fraud probe. Coinhills ranks Turkey as the fifth-biggest crypto market in the world. The Turkish central bank warned last week that cryptocurrencies “entail significant risks” because the market is volatile and lacks oversight.

Source: The Guardian April 24, 2021 12:33 UTC