Trading Halt and Extradition
You may recall that trading abruptly stopped in April 2021, leaving over 400,000 users with lost funds. The individual responsible for this incident reportedly fled to Albania but was later extradited back to Turkey.
The Enormous Rug Pull
According to reports, Turkish authorities initially detained 62 individuals as part of their investigation into this matter in 2021. In April 2022, the prosecutor’s indictment estimated the exchange’s total losses to be around $24 million. However, Chainalysis, a leading blockchain analysis company, estimated that the losses amounted to a staggering $2.52 billion.
This figure is significant as it accounts for approximately 90% of the total value lost worldwide due to rug pulls in 2021.
Hot Take
These events highlight the devastating impact of rug pulls in the crypto industry. It serves as a reminder for you to exercise caution and conduct thorough research before investing in any cryptocurrency or participating in any exchange. Stay informed and be vigilant to protect your assets.
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