Introduction: Why Cryptocurrency and Investment Fraud is on the Rise in Türkiye?

Turkey is among the top 5 countries in the world in cryptocurrency usage.
Additionally:

• Forex

• Binary trading

• Ponzi schemes

• Pump-dump groups

• Fake stock market apps

• Signal groups

• "Investment fund" scams via IBAN

It has caused millions of liras in losses in recent years.

The most searched questions on Google:

• How to prove cryptocurrency fraud?

• Can forex victims get their money back?

• What is a Ponzi scheme?

• Is pump-dumping a crime?

• Is this company approved by the Capital Markets Board (SPK)?

• How to report fake investment advisors?

• How does the prosecutor's office conduct investigations in cases like this?

This article details the legal aspects of cryptocurrency and online investment scams.

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I. Types of Crypto Fraud

The decentralized nature of crypto assets has presented numerous opportunities for scammers.

1. Fake stock exchange – fake app scams

Victims typically:

• It downloads an application that looks real

• You invest your money

• Profit is shown

• The system shuts down when you try to withdraw money

This fraud of aggravated fraud (Article 158 of the Turkish Penal Code) .

2. Pump-Dump Groups

Manipulations carried out in Telegram and Discord groups:

➡ This is a crime according to the Capital Markets Law
➡ It is considered market manipulation
➡ The Capital Markets Board will impose an administrative fine + criminal prosecution.

3. Signal and VIP groups

Promises like, "You're guaranteed to win, 100% signal, guaranteed profit":

➡ Misleading investment advice
➡ Unauthorized activity without permission from the Capital Markets Board (SPK)
➡ Fraud under Article 158 of the Turkish Penal Code

4. Hacking – Phishing

Crypto wallets:

• Seed phrase

• Private key

• Two-factor code

Attacks carried out by stealing are considered similar to "ATM fraud".

5. Ponzi – Pyramid schemes

The logic is: "Bring in new members, earn high profits":

➡ According to the Turkish Penal Code, this is systematic fraud . ➡ The perpetrator will be punished under organized crime regulations.

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II. Forex – Binary – CFD Platform Fraud

In Turkey, there are only a few licensed firms authorized by the Capital Markets Board (SPK) .

Apart from these:

• Foreign-based forex sites

• Binary options sites

• Spread betting

• Leveraged trading platforms

This is COMPLETELY illegal , and victims must pursue legal action through the prosecutor's office and MASAK (Financial Crimes Investigation Board) to recover their money.

The Capital Markets Board (SPK) frequently issues announcements to firms operating without authorization.

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III. How to Detect Investment Fraud – Red Flags

90% of users are scammed for the following reasons:

• 100% guarantee promise

• Promises of big profits in a short time

• Sending money to IBAN

• WhatsApp and Telegram groups

• So-called “expert investment advisor”

• Websites without an SPK license

• Social media ads

• Fake ID – fake profile

Legal proceedings should be initiated in every case where red flags are raised.

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IV. How is evidence collected in cryptocurrency fraud?

Cryptocurrency fraud is an area that requires technical evidence.

Evidence to be collected:

• IBAN statements

• Crypto transfer txID records

• Stock account screenshots

• Telegram–WhatsApp messages

• Fake website URL

• Server information

• IP logs

• Wallet addresses

These are of critical importance in the prosecutor's investigation.

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V. SPK (Capital Markets Board) Process

If the fraud is related to capital market activity (pump-dump schemes, signal groups, investment advisory):

➡ The Capital Markets Board will initiate administrative proceedings.

The powers of the Capital Markets Board (SPK):

• Administrative fine

• Access blocked

• Criminal complaint

• Banned from activity

• Company closure

• Asset freeze

In investment fraud cases, filing a complaint with the Capital Markets Board (SPK) is very important.

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VI. Prosecutor's Investigation – Criminal Law Aspect

Crypto and investment scams mostly involve:

➡ Qualified fraud (Turkish Penal Code Article 158)
➡ Use of information systems
➡ Establishing a criminal organization (Turkish Penal Code Article 220)
➡ Crimes against property
➡ Banking crimes

It is evaluated within this scope.

These crimes can lead to the following:

• 4–10 years imprisonment

• Fine

• Seizure of assets

• Bank accounts are being frozen

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VII. How Can Victims of Crypto Scams Get Their Money Back?

Things to do:

1. Filing a criminal complaint with the prosecutor's office

In fraud cases, time is not a factor; a complaint can be filed at any time.

2. Notification to MASAK (Financial Crimes Investigation Board)

Money movements are examined.

3. Notification to crypto exchanges

The perpetrator's account can be blocked.

4. Showing money transactions with bank statements

5. Application for access restriction

6. Compensation lawsuit

Independent of the criminal case, the victim can file a civil lawsuit for damages.

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VIII. Legal Status of Pump-Dump, VIP Signal, and Telegram Groups

Most of these groups:

• Investment advisory services without the Capital Markets Board (SPK) regulations

• Capital market manipulation

• Fraud

• Tax evasion

It falls within the scope.

Perpetrator:

➡ Both a penalty from the Capital Markets Board (SPK)
➡ A criminal case
➡ And a compensation case

He is faced with it.

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IX. “Pseudo-Crypto Expert” Profiles – Fascinating Scams

Commonly seen in social media ads:

• Fake success stories

• "I earn 50,000 TL a month."

• "The signal group is 100% profitable."

• Fake screenshots

It involves outright commercial fraud.

The Supreme Court uses the term "fraud through perception management" in such cases

X. “I am a Forex Victim” – A Roadmap for Victims

Forex victims:

• We will get your money back

• Withdrawal pending

• We are licensed by the Capital Markets Board (SPK)

• Your money is secure

They send money believing in such claims.

In these cases, most platforms appear to be based abroad, but in reality:

➡ The perpetrator is located within Türkiye.

Forex victims can recover their money through the following methods:

• Prosecutor's Office

• MASAK

• Compensation

• SPK

• BTK access blockage

• IBAN review

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XI. The Most Common Mistakes in Crypto and Investment Fraud

• Continuing the conversation with the perpetrator

• Keep sending money

• Not taking screenshots

• Failure to gather evidence

• Sharing personal information

• Delaying the complaint

• Believing fake lawyers who say "we'll handle it"

These mistakes multiply the damage.

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Conclusion

Cryptocurrency, forex, and online investment scams have become the fastest-growing area of ​​economic crime in Turkey.
Pump-and-dump groups, fake exchanges, signal groups, and Ponzi schemes are causing significant harm to numerous victims.

With solid evidence, prompt application, and professional legal support, victims have the opportunity to recover their losses.