Turkish Authorities Apprehend 24 Suspects for Stealing Millions in Cryptocurrencies

By Swati Kishore

The authorities in Turkey carried out a countrywide operation to apprehend the culprits who were suspected to have stolen digital currency worth as much as USD 2.47 million or 13 million Turkish Liras from an Istanbul-based company.

The news was reported by the local media outlet Daily Sabah. According to the news report, the unnamed cryptocurrency-based company in Istanbul filed a complaint with the police authorities stating that a huge amount of their assets stored in the form of digital currencies such as Ether, Bitcoin, and Ripple had been stolen.

Subsequently, after conducting research, Turkey’s anti-cybercrime units revealed that as much as two crypto wallets of the Istanbul-based crypto firm had been hacked by the perpetrators.

The authorities were able to trace the funds on the Blockchain, thereby tracking down the identities of the culprits.

The suspects were reportedly collaborating through the famous online battle royale game called PUBG or the PlayerUnkown’s Battlegrounds.

The police authorities tracked down the suspects to arrest them and raid their locations. As a part of the arrest, the police seized a collective of USD 10,200 in cash, and as much as USD 247,000 in digital assets. The assets were later handed over to the besieged firm.

As per the local media outlet, while six culprits were apprehended by the Caglayan’s Courthouse, two of the suspects were released post the completion of legal procedures. The news outlet also reports that 16 of the suspects were released under judicial control.

With its ongoing economic woes, the Middle Eastern nation of Turkey has been witnessing increased adoption of digital assets by its citizens. Turkish Nationals are turning to cryptocurrencies after the Turkish lira dropped 14 per cent against the US Dollar.

The primary cause of the drop in the fiat currency is the sanctions imposed upon the nation by the United States. Crypto proponents in the nation say that they have lost confidence in the country’s financial system.

Interestingly, Turkey is welcoming the technology that underpins cryptocurrency with open arms. In August 2018, Turkey has launched a Blockchain research and innovation centre.

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Swati Kishore

Swati has a keen interest in emerging technologies and she loves to write about them. She loves trance and is also interested in the philosophy of life.

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