Crypto investors are in revolt! They can't withdraw millions of lira.

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Due to high inflation, investors are flocking to cryptocurrencies despite the risks, in order to protect the value of their money and to make profits. However, the cryptocurrency market, which includes many small companies, is causing significant grievances as they are unable to manage the massive amounts of money collected. The latest victim among them is Bitay.

According to the latest list published by the Capital Markets Board (CMB), there are exactly 80 cryptocurrency exchanges operating in Turkey. The most famous of these have become so large and corporate that they are now sponsoring football clubs. Due to their recognition in the market, they are almost in a monopoly position. However, besides these large and corporate entities, dozens of small and medium-sized companies are also eager to grab a piece of the pie in this market.

WELCOME BONUS SUBSCRIPTION TRAP

Bitay.com, one of the small companies, has recently left hundreds of victims in its wake. A Bitay victim wanted to withdraw 69,000 liras on May 15, and has been waiting since that day. Another person wanted to withdraw their money in April, but the company has not been able to pay the victim their money. Moreover, among the victims, there are those whose lives have been disrupted and those who have attempted suicide. A grievance similar to the Thodex scam that occurred in 2021 is being experienced.

BITAY'S CRISIS HAS NOT BEEN RESOLVED FOR MONTHS

The company had previously announced that an infrastructure work was being carried out, that this work would be completed in August, and that the money would then be paid to the victims. However, despite the passing months, the crisis continues, and the business that has left hundreds of victims behind keeps delaying the victims by saying, "We will pay today, we will pay tomorrow."

SCAMMERS ARE LYING IN WAIT

Cryptocurrencies represent a multi-billion dollar market in which 16% of Turkey's adult population has invested. This market certainly attracts the attention of scammers as well. Companies that enter this market by establishing a business with low capital and 2-3 employees create victims with tragic stories behind them. There are regulations and laws governing the market. However, experts believe that inspections in this area should be tightened further.