Turkey's Crypto Pain Grows With Second Exchange Collapse
Turkey’s cryptocurrency investors were dealt another blow at the end of a dismal week after a second big exchange collapsed in as many days and its chief executive was reportedly detained.
Vebitcoin has halted operations citing deteriorating financial conditions, and Demiroren News Agency said its Chief Executive Ilker Bas and three other employees have been detained. The Financial Crimes Investigation Board has blocked Vebitcoin’s accounts and opened a probe.
Vebitcoin is Turkey’s fourth biggest exchange with close to $60 million in daily volumes, according to CoinGecko.com which tracks data on price, volume and market value on crypto markets. More than half of this volume came from Bitcoin, which dropped 19% this week.
This week’s rout marks the worst period for Bitcoin since it tumbled amid a wider slump in risk assets at the end of February and analysts have warned of further losses. Even digital currencies that managed to eke out gains over the past few days, like Ether and Dogecoin, tumbled on Friday.
Read more: https://www.bloomberg.com/news/articles/2021-04-24/turkey-s-cryptocurrency-pain-grows-with-second-exchange-collapse
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