The Game That Stole $130,000,000

Summary

Chick Bank, launched in 2016, was a Turkish app that promised to turn virtual farming into real profits by investing in actual livestock. The game attracted over 100,000 players, amassing $250 million in investments. However, it was a massive Ponzi scheme, with founder Iden Mevkioglu scamming millions before vanishing. After a global manhunt, he was arrested in Brazil and now faces an astonishing 89,000 years in jail for his fraudulent activities.

Takeaways

• 🚀 Launch of Chick Bank: A game that allows players to invest in virtual livestock, which is connected to real-world farms.
• 🎮 Gaming with a Twist: Players could make actual money through the game by investing in virtual animals and receiving returns from real farm products.
• 🌐 Real-World Impact: The game's concept attracted a large audience, supporting Turkish agriculture and providing an innovative way to invest in farming.
• 💡 Iden's Vision: Meed Iden, the creator, saw an opportunity to combine gaming with real-world investments, creating a unique business model.
• 🏆 Overnight Success: The game quickly gained popularity, with 50,000 active players in less than 8 months, showcasing its appeal.
• 🐝 Virtual to Real Profits: Players could convert their virtual earnings into real money, adding a layer of financial incentive to the game.
• 📈 High Demand Investments: At a time when Turkish agriculture was struggling, Chick Bank offered a way for people to support the sector directly.
• 🕊️ Too Good to Be True: The seemingly perfect opportunity to make money and support farmers raised suspicions of a scam.
• 📉 The Downfall: As the game's growth slowed, the Ponzi scheme nature of Chick Bank became apparent, leading to financial regulators' scrutiny.
• 🚨 Scandal Uncovered: Authorities determined Chick Bank to be a scam, leading to a criminal investigation and a warrant for Iden's arrest.
• 🌍 Iden's Escape: After absconding with millions, Iden fled to Uruguay, living a lavish lifestyle before eventually being tracked down and arrested.

Q & A

What is Chick Bank, and how does it function?

Chick Bank is a game launched in the Turkish App Store that allows players to invest in virtual livestock, which are linked to real farms. The idea is that by investing in the game, players indirectly invest in real farms, and the profits from these farms are shared with the players.

How did Chick Bank initially attract players and investors?

Chick Bank attracted players by combining elements of popular games like Farmville with a unique feature: the ability to earn real money by investing in virtual farms connected to real-world agricultural operations. The game's promise of supporting local farming while earning profits made it appealing to many.

What was the role of Meed Iden in the Chick Bank project?

Meed Iden was the mastermind behind Chick Bank. He co-developed the game with a friend and promoted it as a legitimate investment opportunity. However, he ultimately used it as a Ponzi scheme to scam over 100,000 people.

How did the Turkish authorities respond to Chick Bank?

Turkish authorities became suspicious of Chick Bank in late 2017, especially after discovering that the company's bank accounts were held by a shell company in Northern Cyprus. This led to a criminal investigation and a warrant for Meed Iden's arrest.

What happened when Chick Bank stopped paying out profits?

In late 2017, Chick Bank stopped paying out profits, leading to outrage among players. Many had invested their life savings, believing they were supporting a good cause. This triggered a flood of complaints and further scrutiny from financial regulators.

How did Meed Iden manage to escape after the scam was exposed?

Meed Iden fled Turkey and eventually settled in Uruguay. Despite an Interpol red notice for his arrest, he lived a lavish lifestyle, driving a Ferrari and spending time on his private yacht, until he eventually turned himself in to Turkish authorities in Brazil.

What was the outcome for Meed Iden and his accomplices after their arrest?

Meed Iden and his accomplices faced long prison sentences, with Iden himself potentially facing up to 89,000 years in prison. Authorities seized his assets, including his Ferrari and yacht, but he returned to Turkey with only $13 in his wallet.

Why did so many people fall for the Chick Bank scam?

People were drawn to the idea of supporting their country's struggling agriculture while making money through gaming. The combination of a seemingly innovative concept and Iden's convincing persona made it easy for many to believe in the scheme.

How did the scam affect Turkish media and public opinion?

The Chick Bank scam dominated Turkish media for months, with widespread coverage of the angry players, the real farms associated with the game, and the eventual downfall of Meed Iden. It served as a cautionary tale about the dangers of too-good-to-be-true investments.

What lesson can be learned from the Chick Bank scam?

The Chick Bank scam reinforces the adage that if something seems too good to be true, it probably is. The allure of easy money and supporting a good cause blinded many to the underlying risks, highlighting the importance of skepticism and due diligence in investment opportunities.