What happened to the founder of a popular crypto exchange in Turkey?

The founder of a popular crypto exchange in Turkey has disappeared, with media reports indicating that he has fled the country with $2 billion as roughly 300,000 frustrated users have suddenly lost access to their accounts.

How much does it cost to start a crypto exchange in Turkey?

In Turkey, anyone can establish a crypto exchange with just 50,000 liras (about $6,000 USD) in capital, reports Bloomberg. Consequently, crypto exchanges are often run by people without proper financial education that serve unqualified investors who do not understand all of the risks.

Who is the CEO of crypto?

The CEO of Crypto.com is Kris Marszalek, a business veteran who also served as the CEO of Ensogo, a social commerce company and the founder of Beecrazy (an e-commerce company). Other members of the company’s C-suite are Rafael Melo (CFO) and Gary Or (CTO).

What's behind the collapse of the $32 billion crypto exchange?

The sudden collapse of the $32 billion crypto exchange is a challenge for officials overseeing the bankruptcy. They will seek to identify lost assets shrouded in the complexity of novel digital currency, a largely unregulated financial sector and an alleged absence of adequate record-keeping, the experts said.