Hello friends! Hopefully all of you are well by the grace of Allah. I discussed how we can protect ourselves from cryptocurrency scams in the last content. Today I will discuss with you how we can maintain our crypto exchange security. Avoiding various cryptocurrency scams requires some survey-based research. A variety of red flags indicate that the money is not safe. He also has a history of imprisonment in the past for allegedly defrauding a billion cryptocurrency. Cryptocurrency exchanges collapse in Turkey in 2021. As a result, Turkey's fiat currency is devalued due to inflation. Later, Turkish people started using a cryptocurrency exchange called Thodex, which they believed to be legitimate. Many Dogecoins are being offered by Thodex. Many Thodex users choose to deposit money on the exchange instead of keeping all this money in their wallets. Despite government threats to ban cryptocurrencies in the last few months, users continue to trust these exchange platforms without fail.
As users suspect something wrong, they are trying to get out all their frozen assets. But the sad thing is, even if the users wanted, their resource extraction was not progressing. And the most disturbing situation happened when the exchange went offline and the users were informed by letter that they will be unavailable for four days. Thodex claims that its assets are undervalued relative to the market. All customers who want to withdraw money are unable to pay which is no longer available. Which was really sad.
Meanwhile, they try to trace the founder of the exchange platform and the users demand refunds from him. He was spotted at an airport in Albania the next day and authorities have already filed an international arrest warrant against him. This popular exchange called Thodex ran from 2017 to 2021 until it was destroyed. A year later, the founder of the exchange platform and his associates were found in Albania and the authorities ordered to send them to prison. As a result, thousands of people have lost their money and the independence of Turkey's crypto has been called into question. Which was one of the biggest crypto scams.
So we all should learn from such incidents. And also such occurrences are a cautionary scenario for all users. So we must think about any tempting offer before accepting it. So a good welcome offer can be accepted. But should consider if the offer is too big. Otherwise you will lose everything in the hands of such scams.