Hull City's Crypto Sponsor Tomya Tangled in Turkish Fraud Scandal

• Turkish Crypto Exchange Tomya Embroiled in Fraud Scandal
• No Specific Allegations Against Tomya Yet
• Turkey Prepares to Introduce Crypto Legislation
• Inquiry Triggered by Investor Complaint

Turkish Crypto Exchange Tomya Embroiled in Fraud Scandal

Turkish crypto exchange platform Tomya, a sponsor of Premier League soccer team Hull City, is reportedly in the spotlight of a major fraud investigation. The owner of Tomya, Yavuz Usta, is one of 25 individuals detained during an investigation initiated by Istanbul's Büyükçekmece Chief Public Prosecutor's Office, as reported by CoinDesk Turkey.

No Specific Allegations Against Tomya Yet

Despite the ongoing investigation, no specific allegations have been made against Tomya so far. This case is making news across Turkey because of Tomya's connection to Hull City. The football club is owned by Acun Ilıcalı, a well-known media personality in the country.

Turkey Prepares to Introduce Crypto Legislation

Details of the investigation are starting to surface as Turkey is gearing up to implement new crypto legislation. Notably, the country recently imposed an 11,196-year prison sentence on the individuals behind Thodex, a crypto exchange that abruptly ceased operations in 2021. Despite the Thodex incident, there is no apparent slowdown in the adoption of cryptocurrency in the country.

Inquiry Triggered by Investor Complaint

The inquiry into Tomya appears to have been sparked by an investor, Musa Ekmekçioğlu, who alleges he was swindled out of $211,500 by a person he was introduced to by a Tomya employee. Alongside Usta, a consultant who briefly collaborated with Tomya was also apprehended, CoinDesk Turkey reports.

CoinDesk has made attempts to contact Tomya for a statement regarding the ongoing investigation.

Edited by Jonathan Stoker