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Faruk Fatih Ozer, the founder and former CEO of the defunct Turkish cryptocurrency exchange Thodex, has been discovered deceased in his solitary confinement cell at the Tekirdag F-Type High Security Closed Prison.
Key Takeaways:
- Thodex founder Faruk Fatih Ozer was found dead in his prison cell while serving a sentence of 11,196 years.
- Ozer’s passing concludes one of Türkiye’s most significant cryptocurrency scandals, which involved the loss of over ₺356 million ($12.5 million) in investor assets.
- Authorities have initiated an investigation as his case continues to influence Türkiye’s increasingly stringent approach to cryptocurrency regulation.
Officials reported that Ozer was found hanging in his bathroom during a routine inspection, with initial reports suggesting suicide as the probable cause, according to a recent article by local news outlet Türkiye Today.
Thodex Founder Was Serving 11,196-Year Sentence
Ozer had been serving an unprecedented sentence of 11,196 years, 10 months, and 15 days after being found guilty of various offenses, including the establishment and leadership of a criminal organization, aggravated fraud, and money laundering.
His siblings, Guven and Serap Ozer, were also convicted on similar charges and received the same sentences.
The case is regarded as one of Türkiye’s largest fraud scandals related to cryptocurrency.
Established in 2017, Thodex was once among the top cryptocurrency exchanges in the country before it abruptly ceased operations in April 2021, citing a “temporary suspension.”
Shortly thereafter, Ozer fled to Albania, reportedly taking investors’ funds with him.
He was apprehended in Albania in August 2022 following an international manhunt and was extradited to Türkiye in April 2023.
Prosecutors accused him of defrauding over 400,000 investors, claiming that ₺253.7 million ($8.9 million) worth of cryptocurrency was transferred to wallets controlled by Ozer and his associates, including accounts in Malta.
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Convicted Crypto kingpin found HANGED in his prison cell — following sentence in Turkey of 11,190 years
Faruk Fatih Ozer founded Thodex, later branded a ‘criminal organization’ of fraud and money laundering
An investigation into his death has been opened pic.twitter.com/2aFpX1uYhw— RT (@RT_com) November 1, 2025
The Financial Crimes Investigation Board (MASAK) reported that total losses reached ₺356 million ($12.5 million). The collapse of Thodex sparked widespread outrage, marking a pivotal moment for Türkiye’s cryptocurrency oversight and prompting demands for stricter regulation of the sector.
In the indictment prepared by the Anadolu Chief Public Prosecutor’s Office, authorities detailed how Thodex attracted users with promotions before suddenly freezing withdrawals.
Twenty-one defendants were prosecuted in the case, seven of whom were detained, while sixteen were acquitted due to insufficient evidence.
Ozer’s death marks a somber conclusion to a saga that unsettled Türkiye’s cryptocurrency landscape and left thousands of investors without recourse.
Officials have commenced a formal inquiry into the circumstances surrounding his death.
Turkey Tops MENA Crypto Market With $200B in Annual Transactions
As reported, Turkey has solidified its status as the largest cryptocurrency market in the Middle East and North Africa, recording nearly $200 billion in annual transactions, according to recent data from Chainalysis.
This figure is approximately four times that of the United Arab Emirates, which ranked second with $53 billion. Analysts indicate that much of Turkey’s activity is still driven by short-term trading rather than long-term adoption.
The Chainalysis 2025 Crypto Adoption Report emphasizes how cryptocurrency has become both a financial refuge and a speculative avenue for Turks facing high inflation and a declining lira.
Since 2021, Turkey’s total inflows have surpassed $878 billion, establishing it as one of the world’s most active markets.
Despite this growth, retail participation is waning, with both small and large retail transactions experiencing a slight decline as institutional investors take the lead.
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