Turkish Police Detain 11 Suspects in Bitcoin Theft Case

Hackers Steal $80,000 Worth of Cryptocurrency
According to Turkish media, 14 people have informed authorities about their compromised cryptocurrency wallets. The coins have been transferred to other wallets and subsequently sold for fiat. Investigators discovered the hackers had stolen “bitcoins worth 437,000 Turkish lira” (over $80,000), the Daily Sabah reported. The cybercrime combatting division identified some of the suspects by tracking a new phone number they used to register on the trading platforms where they exchanged the cryptocurrency. The thieves moved the money through numerous accounts to cover their tracks, the Hürriyet newspaper detailed.
In Turbulent Times, Turks Turn to Bitcoin
Turkey, a country of around 80 million people and a regional powerhouse, has been through some rough times recently, in both economic and political terms. The country’s fiat currency, the lira, has been hit by hyperinflation and lost ground against the U.S. dollar – its value dropped by over 45 percent in the first seven months of this year. These developments convinced many Turks to seek refuge in cryptocurrencies from the lira, but also from the dollar. In August, BTC trading volumes on Turkish exchanges and peer-to-peer platforms like Localbitcoins spiked following rumors that banks in the country may discontinue support for USD accounts and calls from the government to get out of foreign currencies, especially the U.S. dollar.
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