Currently the crypto market is becoming vulnerable due to scammers and frauds. Some survey-based research is necessary to avoid various types of cryptocurrency scams. Several types of red flags indicate that the money is not safe. There is also a history of prison terms in the past for allegedly defrauding a billion cryptocurrencies. Cryptocurrency exchanges collapsed in Turkey in 2021. As a result, Turkey's fiat currency was devalued due to inflation. Later, Turkish people started using a cryptocurrency exchange called Thodex, which they believed to be legitimate. Many Dogecoins are being offered by Thodex. Many Thodex users choose to deposit money on the exchange instead of keeping all of this money in their wallets. Despite the government's threats such as the banning of cryptocurrencies by the end of this month, users have continued to trust these exchange platforms without failure. As a result, Thodox started selling their Dogecoin at just $0.11. Which can exchange about five million Dogecoin of Thodox within one day.
As the user suspected something wrong, they were trying to extract all their frozen resources. But the extraction of resources was not proceeding. And the most irritating situation occurs when the exchange goes offline and users are informed by letter that they will be unavailable for four days. Thodex claims that its assets have been undervalued relative to the market. All customers who want to withdraw money are unable to pay the money which is no longer available.
Meanwhile, they tried to find the founder of the exchange platform, Faruk Fatih Ozer, and the users demanded a refund from him. He was spotted at an airport in Albania the next day, and authorities had already filed an international arrest warrant against him. This popular exchange called Thodex ran from 2017 to 2021 until it was demolished. A year later Faruz and his accomplices were found in Albania and ordered to be imprisoned. As a result, not only thousands of people lost their money, but also the independence of Turkey's crypto was questioned.