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A $120 million Dogecoin (DOGE) scam rocks Turkey, lawmakers initiate investigation

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  • After three months of consecutive returns, the scammer ran away with investors’ Dogecoins during the fourth month.
  • Local authorities are actively looking for a pseudonymous identity Turgut V.

An alleged $120 million Dogecoin (DOGE) scam has recently popped up in Turkey. Local media publications reported that the scammer went missing after duping 1500 people. The scammer managed to run away with a total of 350 million DOGE tokens.

Local channel TV100 reported the news earlier this week on August 23. Authorities have started an investigation into this matter with the local police identifying a pseudonymous personality “Turgut V”.

The authorities noted that Turgut along with 11 other associates managed to pull off this scam. Turgut conducted in-person networking events with DOGE investors thereby creating excitement around Dogecoin mining operations. Besides, the pseudonymous scammer also promised investors a staggering 100 percent return in 40 days.

To gain confidence among investors, Turgut also paid returns for around 3 months. Thus, the scammer started demanding from investors in DOGE saying that the investment will go towards buying hardware for DOGE mining.

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Just like Bitcoin, Dogecoin also works on the Proof-of-Work algorithm. Thus, it allows miners to computationally solve algorithms to unlock new blocks in the Dogecoin blockchain. Besides, network participants can also contribute towards validating transactions.

Dogecoin has been in the news for its stellar rally this year in 2021. Earlier in May 2021, the DOGE price surged all the way above $0.70. At present, DOGE is trading at more than a 50 percent discount from the ATH but continues to strongly defend its position as the seventh-largest cryptocurrency in the market.

Duping 1500 Dogecoin (DOGE) Investors

As said, Turgut and his associates managed to dupe nearly 1500 DOGE investors in this scam. the scammers conducted all operations legitimately for the first three months. But soon at the total value invested surpassed 350 million Dogecoin, the scammers disappeared with the fund.

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Istanbul’s Küçükçekmece Chief Public Prosecutor’s Office has kickstarted investigation into the matter. In a suo motu action, the regulator has banned Turgut V from leaving the country. Turkey investors have been one of the most active participants in the global crypto market.

Notably, a rising number of investors started participating amid the depreciating national currency Lira. The financial regulators in Turkey have been taking key measures on crypto investments. As a result, Turkey has also become a hotbed of illicit crypto activities and scammers.

Two of the country’s biggest crypto exchanges announced a shutdown earlier this year. Reportedly, the Turkish authorities arrested six suspects linked to the collapse of local crypto trading platform Theodex. The exchange abruptly halted the withdrawal services earlier this month.

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Amid the rapidly rising participation in the crypto space, there’s been a rapidly rising number of scams. Recently, Australian authorities uncovered that around $70 million has been lost in crypto scams. In July, South Korean authorities arrested 33 people involved with crypto money laundering.

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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