1. Introduction
Cryptocurrency fraud has become one of the most widespread forms of modern financial crime. Due to the decentralized and largely anonymous nature of blockchain technology, offenders exploit cryptocurrencies to deceive investors and launder illicit assets. Typical fraudulent schemes include:
- Fake investment promises (“invest and double your money”),
- Ponzi or pyramid schemes using crypto tokens,
- Fake exchanges and wallets designed to steal deposits,
- Pump-and-dump manipulations of lesser-known coins,
- Phishing attacks where victims’ private keys or credentials are stolen.
2. Legal Framework under Turkish Law
a) Criminal Law
- Fraud (Articles 157–158 of the Turkish Penal Code, TPC):
Misleading individuals to obtain unlawful benefit constitutes fraud. When committed through information systems (such as crypto trading platforms), it qualifies as aggravated fraud with penalties of 4 to 10 years of imprisonment and substantial judicial fines. - Cybercrime Offenses (TPC Articles 243–246):
Unauthorized access, data theft, or manipulation of wallets and exchanges are prosecuted under these provisions. - Misuse of Bank or Credit Cards (TPC Article 245):
If crypto transactions are tied to stolen card data, this offense also applies. - Money Laundering (TPC Article 282):
Using cryptocurrencies to conceal or legitimize criminal proceeds may constitute laundering.
b) Civil and Commercial Law
- Tort Liability (Turkish Code of Obligations, Art. 49): Victims may seek compensation for damages caused by fraudulent conduct.
- Invalid Contracts: Fake investment agreements or unauthorized platforms render transactions void, requiring restitution.
- Unfair Competition and IP Issues: Fake exchanges imitating established brands may be liable under Turkish Commercial Code provisions and trademark law.
c) Regulatory and Supervisory Aspects
- While cryptocurrencies are not yet classified as securities under Turkish law, crypto-asset service providers are subject to AML obligations under MASAK regulations.
- Operating an unlicensed crypto exchange may constitute unauthorized capital markets activity under the Capital Markets Law.
3. Court of Cassation Approach
The Court of Cassation (Yargıtay) has ruled that:
- Fraudulent promises of crypto investments with no genuine intention to trade constitute nitelikli dolandırıcılık (aggravated fraud).
- If crypto transactions are used to hide illicit gains, courts may also apply money laundering provisions.
- Where digital platforms are used, the offense is treated as fraud via information systems, attracting higher penalties.
4. Remedies for Victims
a) Criminal Remedies
- File a criminal complaint for aggravated fraud, cybercrime, and money laundering.
- Request seizure of suspects’ bank accounts and crypto wallets as a precautionary measure.
- Seek blocking of access to fraudulent websites under Law No. 5651.
b) Civil Remedies
- Initiate a compensation claim for financial losses (pecuniary and non-pecuniary damages).
- Pursue unfair competition and IP infringement actions if a legitimate company’s name or trademark has been abused.
c) International Cooperation
Given the cross-border nature of crypto transactions, requests for mutual legal assistance (MLA) and cooperation with foreign financial intelligence units (FIUs) may be required.
5. Preventive Measures
- Deal only with licensed and regulated exchanges.
- Avoid offers guaranteeing fixed or high returns.
- Use two-factor authentication and protect wallet keys.
- Verify domains and avoid suspicious links.
- Raise awareness of phishing and social engineering tactics.
6. Conclusion
Cryptocurrency fraud is a new generation financial crime that combines traditional deception with advanced digital tools. Turkish law offers remedies through criminal prosecution, civil liability, and regulatory enforcement. The Court of Cassation treats such acts as aggravated fraud via information systems, often accompanied by cybercrime and money laundering charges. Victims are entitled to pursue criminal complaints, compensation actions, and preventive measures to mitigate their losses.
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