Thodex Founder Extradited to Turkey After Disappearing with $2.6B Consumer Funds

Faruk Fatih Özer – the founding father of crypto trade Thodex – has been extradited to his house nation, Turkey, the place he faces costs of fraud and working a prison group.

Thodex was one of many largest crypto exchanges in Turkey. It later turned out to be an exit rip-off, with Özer disappearing with $2.6 billion value of crypto funds leaving round 400K customers excessive and dry.

• In keeping with the newest report by state media, the 27-year-old founder was detained by police upon arrival in Istanbul.
• Thodex halted all transactions citing an analysis of an unspecified partnership provide in April 2021. Whereas its official web site assured customers that it could be again up shortly, the executives began deactivating their social media profiles.
• The platform’s buyer assist group additionally turned inaccessible quickly thereafter. The founder and CEO Faruk Fatih Özer, additionally shut down his Twitter account and reportedly fled to Albania.
• Sources stated that he managed to remain undercover for greater than a yr earlier than regulation enforcement brokers within the Elbasan lastly detected his location and arrested him.

2 Milyar Dolarla kaçan Thodex kurucusu Faruk Fatih Özer İstanbul’a getirildi. #farukfatihozer #thodex https://t.co/QuYk3sxesU pic.twitter.com/DAsb7BN2ne

— İŞTE GÜNDEM (@istegundemcom) April 20, 2023

• Subsequently, Interpol additionally issued a Pink Discover in opposition to Özer for his seize.
• A Turkish court docket jailed six individuals, together with two siblings of the CEO, a month after the scandal. The remaining 4 have been senior workers of the corporate.
• The authorities had additionally detained 62 individuals related to the Thodex exit rip-off.