Chriborch Scam Targets Turkish Crypto Investors Amid Market Recovery

As cryptocurrency markets rebounded in 2023, investor enthusiasm surged—but so did fraudulent schemes. By July 2024, the Chriborch scam had ensnared 4,000 victims, predominantly Turkish traders. The platform initially appeared legitimate, offering profitable returns before abruptly halting withdrawals.

Fraudsters often build trust by allowing early withdrawals, only to vanish after accumulating sufficient liquidity. COINTURK first exposed the scheme on May 15 after a follower reported five months of seemingly successful trading followed by suspicious activity. Experts urge immediate fund transfers to secure exchanges upon detecting irregularities.

Deceptive platforms frequently simulate fictitious pre-sales, creating false profit perceptions to lure additional investments. Vigilance remains critical, particularly for inexperienced participants drawn to unrealistic promises during bullish cycles.