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One of the hottest exchange-traded funds is sliding again, and the selloff may only get worse.
Dogecoin (DOGE-USD) has nearly doubled in value since April, rising over 50% after another surge driven by internet users who are trying to push the coin to $1, as similar plans for "Doge Day" fell flat last month.
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Shares of Cocrystal Pharma Inc. COCP, +72.58% more than doubled on massive record volume in afternoon trading
It took Amazon 13 years to deliver a 10,000% return to investors. It has now taken Dogecoin five months. The cryptocurrency (DOGE-USD) hit a new all-time high of $0.60 on Tuesday, pushing Dogecoin's market cap north of $70 billion to become the fourth-most valued coin, according to Yahoo Finance's data partner CoinMarketCap. That's now larger than the market cap of Moderna, one of the companies shipping COVID-19 vaccines to save the world from the pandemic.
EXCLUSIVE:Thodex Crypto Exchange Goes Dark: $2B Fraud and near 400000 burned users!
ts, Thodex's CEO Faruk Fatih Özer fled to Thailand from Istanbul Airport on Tuesday afternoon with $2 billion worth of digital assets, further fueling the speculations on the fraud allegations.
The announcement First, the platform, which has been operating since 2017, announced a six-hour maintenance period after transaction problems were reported. Then, on Thursday, Thodex made an announcement that it will be closed "for about five working days" due to a sale process.
"World-renowned banks and funds, whose names we are going to announce when the agreement process is completed, have been wanting to invest in our company and proposed a partnership for a long time," it wrote. "For this process to be completed, transactions need to be halted and the sale process needs to be completed."
"Services will remain closed for about five working days while the share transfer is completed, but users needn’t worry about their investments."
390,000 active users Unable to withdraw their money or access their accounts, Thodex's 400,000 users, of which 390,000 were active, took to social media platforms to raise awareness of the issue, voicing their concerns about the possibility of a scam, according to Anadolu Agency.
Lawyer Oğuz Evren Kılıç told Bloomberg that he was contacted by an unspecified number of Thodex users on Wednesday and a legal complaint against the CEO has been filed on their behalf.
Just last month, Thodex had announced a giveaway of 4 million Dogecoins to reach more user numbers. However, per Bloomberg, several users tweeted they hadn't received the currency.
According to Daily Sabah, a public prosecutor in Istanbul has launched an investigation into Thodex and police are searching its offices.
CEO breaks his silence Most recently, Thodex CEO Özer finally made a comment later Thursday by publishing a statement on Thodex's Twitter account and his Instagram account.
He rejected the allegations and said that Thodex has never exploited anyone nor it will in the future. He confirmed that he left the country on April 19, but said it is for a meeting abroad. He said that he'll soon return to Turkey and that the losses of people will be compensated.
The news comes following Turkey's ban on the use of cryptocurrencies last week. According to the new rules that will be effective April 30, citizens can hold crypto, but can't use it to make payments for goods or services.