The detention of musician and Ahbap Association founder Haluk Levent, alongside an ongoing legal investigation against him, has caused HLK Coin (HLK Chain), which bears his name, to plummet by over 80% and collapse in a matter of hours. Left with massive financial losses, affected investors have banded together in newly formed Telegram groups to assess the situation and voice their grievances.
Origins of HLK Coin and Project Structure
Originally established as Nigella Chain, the ecosystem was acquired by Haluk Levent in early 2025 through a deal with businessman Fatih Eke worth approximately $7 million, subsequently rebranding as HLK Chain. The project was marketed on the premise that it would integrate with Levent's public credibility and social responsibility initiatives, such as school construction projects in Samandağ. Globally listed exclusively on the MEXC exchange, the coin was absent from Turkish crypto exchanges. Due to restricted cross-platform transfer options, trading was confined directly to the centralized exchange.
The Investigation and Steep Market Decline
An investigation launched by the Istanbul Chief Public Prosecutor's Office targeting the Ahbap Association and associated accounts came to light following Financial Crimes Investigation Board (MASAK) reports highlighting high-volume money transfers and allegations that funds were funneled to illegal betting sites. Media reports regarding these developments triggered panic selling across the market. Trading at around 0.035 TRY, HLK Coin plunged by approximately 80% to 0.035 TRY within hours of the news of the detention breaking.
Chaos on Telegram Channels
Following the massive crash, tensions soared in a Telegram group titled "HLK Coin Investors," which boasts around 550 members. According to shared screenshots, the group is a mix of outrage, darkly comedic exchanges, and the conflicting psychology of investors still clinging to false hope. Investors now find themselves grappling with severe financial losses with little recourse.
Industry Implications and Key Takeaways
This incident once again underscores the high risks inherent in cryptocurrency projects backed by the personal popularity and philanthropic image of public figures. When investing in altcoin projects that trade on decentralized or niche exchanges and feature limited liquidity, experts warn investors not to rely solely on the credibility of founder figures. Instead, conducting a thorough analysis of critical risk factors—such as the project's infrastructure, financial transparency, and exchange diversity—is of paramount importance.
Frequently Asked Questions
Which exchanges was HLK Coin traded on, and what were the transfer restrictions?
HLK Coin was listed globally only on the MEXC platform. It was not available on Turkish crypto exchanges, and free cross-platform transfers were extremely restricted.
What is the primary reason behind HLK Coin's sudden loss of over 80% in value?
The primary driver of the crash was panic selling triggered by the news of Haluk Levent's detention—the figurehead behind the project—alongside media reports regarding MASAK findings and allegations of illicit money flows.
*This news report was generated by Webtekno based on AI-processed data.
💬 Comments
No comments yet. Be the first!
You must be logged in to comment.
🔑 Log In