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Turkey’s Crypto Pain Grows With Second Exchange Collapse

  • Vebitcoin exchange to halt operations; CEO reportedly detained
  • Turkish financial crimes watchdog opens probe into exchange
Mining the World’s Second-most-valuable Cryptocurrency at Evobits I.T SRL
Photographer: Akos Stiller/Bloomberg
Updated on

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.