The unprecedented fraud operation in the cryptocurrency market that occurred in Turkey by the company Thodex will have repercussions on the trust of ordinary people in dealing with cryptocurrencies in general.

The Turkish company managed to reach different layers of ordinary people, most of whom know nothing about cryptocurrencies, electronic mining techniques, or cybersecurity measures. Ordinary Turkish citizens - whether rich or poor - were looking for a safe source to invest their money as the value of the lira continued to decline.

But we have said many times that the field of cryptocurrencies is complex and intertwined, and no one should enter it unless they understand it well. One should not be tempted by the skyrocketing rise of Bitcoin, as it can collapse suddenly without warning, and you could lose your life savings.

The important thing, O Moamen, is that the company's director - Farouk Ozer - succeeded in defrauding nearly 400,000 subscribers to the fledgling company and managed to gather an astronomical amount of 2 billion dollars, despite his young age. Most of his victims were those seeking quick profits, who followed the expectations of some that Bitcoin would continue its upward trend until it breaks the $100,000 barrier.

Farouk informed the subscribers that his site was undergoing some maintenance, then he closed the site and his personal accounts, took off, and immediately traveled to Albania - and some say Thailand - and the Turkish police informed Interpol.