There are already exchanges running away. The Turkish cryptocurrency exchange Vebitcoin stopped operations on Friday local time on the grounds that its financial situation has deteriorated. Vebitcoin is Turkey’s fourth largest cryptocurrency exchange, with a daily trading volume of nearly 60 million U.S. dollars. More than half of the transaction volume comes from Bitcoin. According to an announcement posted on its official website, “Due to the latest developments in the cryptocurrency industry, our transactions have become more intense than expected. Unfortunately, this situation has plunged us into very serious financial difficulties. We have decided Stop our business activities to fulfill all regulations and requirements. We will release more information as soon as possible.” According to local Turkish media reports, Vebitcoin CEO Ilker Bas and three other employees have been detained. The Turkish Financial Crime Investigation Commission has frozen Vebitcoin’s account and is launching related investigations. This is not the first exchange to run away. Two days before the explosion of Vebitcoin, another Turkish cryptocurrency exchange, Thodex, just announced that it would cease operations, and its 27-year-old founder fled the country with his money. According to Turkish media reports, the Turkish authorities have currently detained 62 people because they are suspected of being connected to the Istanbul-based cryptocurrency exchange Thodex. According to subsequent reports, Faruk Fatih Ozer, the chief executive and founder of the exchange, has fled the country and is estimated to be carrying approximately $2 billion in funds. The Turkish authorities have also initiated procedures for issuing international arrest warrants to arrest and extradite Ozer. According to Turkish media citing victims’ lawyers, Thodex had approximately 390,000 active users. According to data from the CoinMarketCap website, Thodex’s transaction volume was $585 million in the past 24 hours before the transaction was closed. Since the “crypto first stock” Coinbase went public, it has also fallen all the way. According to statistics from the US data analysis website GuruFocus, Coinbase sold 12.965 million shares by insiders. Based on the average price of US$354.1 during the period, the amount of cash set was close to US$4.6 billion (approximately RMB 30 billion). Among them, Coinbase Chairman and CEO Brian Armstrong sold 750,000 shares, cashing out about US$292 million; CFO Alesia Haas sold all his shares and cashed US$99.32 million. The picture is from Zunjia Financial APP extending the entire cycle. Bitcoin’s so-called skyrocketing and plummeting are almost normal. On Zhihu, there are already many questions about how to look at Bitcoin’s skyrocketing or plummeting on XX, XX. In the past 12 years, the price of Bitcoin has touched the hearts of countless people like a roller coaster, with frantic increases and bursts of bubbles. The story of decentralized virtual currency is still very good. This game may end tomorrow, or it may never end. For more content, please pay attention to Zunjia Finance, Hong Kong and US A shares 0 commission ~ risk warning: The content in the article has its own specific position, investment is risky, and trading needs to be cautious. Zunjia strives but cannot guarantee that the above content is completely accurate and reliable, and does not assume any responsibility for the profit or loss arising from the operation of relying on or using third-party information.