crypto exchangePhoto by Maxim Hopman on Unsplash

The Turkish crypto exchange Tomya, known for its sponsorship of the soccer team Hull City, has found itself embroiled in a high-profile fraud scandal. The owner of Tomya, Yavuz Usta, was among 25 individuals detained in an investigation launched by the Istanbul Büyükçekmece Chief Public Prosecutor’s Office.

The investigation centers around allegations made by an investor named Musa Ekmekçioğlu, who claimed he was defrauded of $211,500 by someone introduced to him by a Tomya employee. While there are no specific allegations against Tomya itself, the connection to Hull City, owned by local media personality Acun Ilıcalı, has brought attention to the case.


This scandal comes at a critical moment for Turkey as it prepares to introduce crypto legislation. The government has been exploring the development of a central bank digital currency (CBDC) called the Digital Lira, indicating a shifting stance on digital finance. Additionally, new regulations are expected to be introduced to address concerns raised by the Financial Action Task Force (FATF) and move Turkey off the FATF’s “grey list” for financial crime.

The Thodex scandal and crypto adoption

The Thodex scandal, where a Turkish crypto exchange collapsed, leaving over 400,000 members without access to $2 billion in cryptocurrencies, resulted in an 11,196-year sentence for those involved. However, despite this and other scandals, crypto adoption in Turkey has continued to surge due to soaring inflation and a depreciating national currency, the lira. A survey conducted by KuCoin revealed that crypto adoption in Turkey has increased from 40% to 52% of the population over the past year and a half.

It is worth noting that no specific allegations have been made against Tomya in relation to the fraud investigation. 

However, the Turkish crypto exchange Tomya’s involvement in a high-profile fraud scandal has raised concerns within the crypto community. As Turkey prepares to introduce crypto legislation and grapples with previous scandals, the case highlights the need for strong regulatory measures to protect investors and ensure the integrity of the crypto market.

Via: Bloomberg

By Joane

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