Turkish Crypto Exchange Thodex, $2B Scam?

On Thursday, Thodex, a Turkish crypto exchange announced on Twitter that it will temporarily suspend transactions for a period of four to five days. The trading platform has almost 700,000 users according to a blog posted. 

Prior to this, the exchange has already implemented a six-hour maintenance break on Tuesday. Due to this, rumors were now circulating that Thodex is now a $2B exit scam. According to some reports, it abruptly halted trading and withdrawals without prior notice which affected the funds of its 391,000 active users.

Oğuz Evren Kılıç, a lawyer in the Turkish capital Ankara who filed a complaint against the exchange stated that this is now a possible scam.

Faruk Fatih Özer, Thodex CEO has left the country on Wednesday evening has already deleted his social media accounts. 

The office of the prosecutor has already stepped into the case. According to the office of Istanbul’s chief prosecutor, the cryptocurrency exchange is now under probe following complaints from users who could not access their assets. 

But in a blog, Özer denied the allegation of fraud and even stated that the claim was unfounded. He even urged his exchange users to disregard any statement not officially from Thodex. He also made assurance of his return to Turkey to cooperate with the authorities in the next few days. 

The country’s financial crimes investigation agency has already blocked all Thodex’s funds. If the allegations were proven true, Özer could face possible charges of fraud and forming a criminal organization.

Booming Bitcoin P2P Trading in Nigeria Amid Crypto Ban

booming p2p transaction in nigeria amid crypto ban

Bitcoin trading in Nigeria via the P2P method remains strong and has recorded a significant increase despite the ongoing crypto ban. Nigeria is the second-largest P2P market and also the number one in Africa.

On Feb. 5, Nigeria’s Central Bank issued a directive that bans cryptocurrencies. The imposed ban aims to protect Nigerians from risks involving digital assets like BTC (bitcoin) like money laundering and terrorism. Under the ban, only financial institutions were affected but individual users freely can deal with cryptocurrencies which resulted in the current surge of P2P transactions in the country.

But according to reports, the Nigeria SEC is now working with the Central Bank to lift the ban on digital currency. In a recent virtual capital markets industry event, Lamido Yuguda, the SEC director-general stated that they are already in discussion with the country’s central bank.

“We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.”

The high rate of inflation and unemployment in the country has drawn most Nigerians to take refuge in crypto.  

Bitcoin Price Crash Below $50K

Bitcoin price crash below $50K

BTC (bitcoin) price dropped below $50K. In a data by Crypto.co, BTC (bitcoin) price fell to $47,495 today. 

On April 14, BTC (bitcoin) set its newest all-time high at $64, 859. Now its price has tumbled down below $50K resulting in a 36.55% decrease compared to its new all-time high.

With BTC (bitcoin) down, prices of other cryptocurrencies like XRP (Ripple), ETH (Ether), and BNB (Binance Coin) have also plummeted resulting in the recent market crash.

The recent dip has resulted in sell-offs which has opened a buying opportunity for whales in the crypto market. Since March 9, BTC (bitcoin) never fell below $50K, not until today. Has the bearish season already started? 

Australian Youtuber to Buy 111 Tesla Model 3S With BCH?

Australian wants to buy 111 Tesla model 3S with BCH

An Australian Youtuber is committed to buying a 111 Tesla Model 3S if Elon Musk will include BCH (bitcoin cash) as payment like BTC (bitcoin). 

In a 3-minute video, Youtuber 1stmil.com explained to his followers that the adoption of BCH (bitcoin cash) as payment will boost Tesla’s sales considering the large number of BCH (bitcoin cash) supporters compared to BTC (bitcoin).

“You will enjoy unbelievable amount of support by people who actually want to spend the Bitcoin Cash, not the people who just want to HODL the BTC.”

But it is unclear if the Youtuber’s action is just a publicity stunt since the wallet that was shown in the video holds only $141,000 worth of BCH (bitcoin cash) which is only enough for three Tesla cars. But he clarified that in his Reddit post that he purposely did not reveal his other wallets for security purposes.

In his tweet on March 24, Elon Musk announced that consumers can now buy a Tesla car using BTC (bitcoin). 

The mechanics on how to make the purchase was also posted on Tesla’s website.

The Tesla Model 3s are being sold in Australia with a market price of $52,000. He would be needing approximately $5.8 million to purchase 111 Tesla cars.

With the rapid growth of bitcoin adoption as payment, other cryptocurrencies like BCH (bitcoin cash) also want to have a piece of the cake. But the adoption of cryptocurrencies by businesses worldwide will guarantee the crypto market’s continued growth.