Thodex Founder Extradited After $2.6B Crypto Scam

• Thodex was one of the largest crypto exchanges in Turkey, but it turned out to be an exit scam after its founder Faruk Fatih Özer disappeared with $2.6 billion worth of user funds.
• After nearly two years on the run, Özer was captured and extradited to Turkey where he faces charges of fraud and operating a criminal organization.
• Özer managed to stay undercover for more than a year before law enforcement agents in Albania detected his location and arrested him.

Thodex Exchange

Thodex was one of the largest crypto exchanges in Turkey at the time when it suddenly halted all transactions citing an evaluation of an unspecified partnership offer in April 2021. While its official website assured users that it would be back up shortly, the executives started deactivating their social media profiles and customer support group became inaccessible soon thereafter.

Faruk Fatih Özer

The founder and CEO Faruk Fatih Özer shut down his Twitter account and reportedly fled to Albania with $2.6 billion worth of crypto funds leaving around 400K users high and dry. Sources said that he managed to stay undercover for more than a year before law enforcement agents in Elbasan finally detected his location and arrested him.

Extradition

After being chased by international authorities for nearly two years, Faruk Fatih Özer – the founder of Thodex – has been extradited to his home country, Turkey, where he faces charges of fraud and operating a criminal organization.

Charges

Özer is now facing charges related to fraud and operating a criminal organization upon his detention by police upon arrival in Istanbul.

Conclusion

The 27-year-old Thodex founder will have to answer for defrauding thousands of investors who had put their faith into what seemed like a promising venture at one point in time.