The Turkish crypto exchange Thodex – which is expected to be fraudulent and has scammed millions of dollars from investors – is being chased by prosecutors and are expected to face sentences of over 40,000 years if caught.
This is particularly worrying as crypto fraud is soaring, with an increase of 64% in 2020, as the largely unregulated space provides an irresistible lure for fraudsters looking to exploit cash-happy investors. Exchanges are hotbeds for criminal activity, with billions of pounds of crypto and thousands of user logins have been stolen from exchanges through brand abuse, rogue mobile apps, phishing scams, and brute-force attacks.
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