Thodex Founder Returned to Turkey Following Disappearance with $2.6 Billion in User Assets

Faruk Fatih Özer – the creator of the cryptocurrency exchange Thodex – has been sent back to his native country, Turkey, where he is facing allegations of fraud and leading a criminal organization.

Thodex was among the largest cryptocurrency exchanges in Turkey. It was later revealed to be an exit scam, with Özer vanishing along with $2.6 billion in cryptocurrency assets, leaving approximately 400,000 users without access to their funds.

• As per the most recent report from state media, the 27-year-old founder was apprehended by law enforcement upon his arrival in Istanbul.
• Thodex suspended all transactions in April 2021, citing a review of an undisclosed partnership proposal. While its official website reassured users that operations would resume shortly, the executives began to deactivate their social media accounts.
• The platform’s customer support team also became unavailable soon after. Founder and CEO Faruk Fatih Özer closed his Twitter account and reportedly fled to Albania.
• Reports indicate that he managed to remain hidden for over a year before law enforcement officials in Elbasan finally located and arrested him.

• Following this, Interpol issued a Red Notice for Özer’s apprehension.
• A Turkish court imprisoned six individuals, including two of the CEO’s siblings, a month after the incident. The remaining four were senior staff members of the company.
• Authorities also detained 62 individuals connected to the Thodex exit scam.

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