What happened to Turkish crypto exchanges?

The collapse of Turkish crypto exchanges Thodex and Vebitcoin – and subsequent arrests and a manhunt – have led to untold losses for Turks who invested in cryptocurrencies hoping to protect their savings from inflation. Cryptocurrency mania is getting a wake-up call in Turkey after two local exchanges crumbled in the space of a few days.

Is crypto Mania getting a wake-up call in Turkey?

Cryptocurrency mania is getting a wake-up call in Turkey after two local exchanges crumbled in the space of a few days. The collapse of Thodex and Vebitcoin has triggered a manhunt for one of the exchange founders, led to dozens of arrests and inflicted untold losses on ordinary Turks.

What is the cryptocurrency hub in Istanbul?

This article was amended on 25 January 2022. The name of the cryptocurrency hub in Istanbul is Altcointurk, not Altcoin as stated in an earlier version.

What happened in Turkey before thodex & vebitcoin collapse?

Before the collapse of Thodex and Vebitcoin, and the tightening of the regulatory noose, Turkey was in the grips of cryptomania, spurred by an annual inflation rate that climbed to 17.14 percent in April – its sharpest spike in nearly two years- and the lira’s loss of half its value against the dollar over the last three years.