Breaking: Collapsed Crypto Exchange Thodex Boss Detained In Turkey

Turkey Authorities eventually issued an international arrest warrant with more than $2 billion of funds stuck in the crypto exchange Thodex.
By Ashish Kumar
Updated 2 days ago
Coinbase KuCoin Binance turkey crypto exchange license regulation

Crypto News: Turkish authorities on Thursday reportedly arrested Faruk Fatih Ozer, former CEO of collapsed crypto exchange Thodex. He was detained on his arrival at Istanbul airport over money laundering and fraud charges.

Also Read: XRPL Hooks Audit Closes In Launch Expectations; XRP Price To Rally?

Advertisement
Advertisement

Thodex Boss Arrested

As per reports, a Red Notice was issued from Interpol for Faruk Fatih Ozer on April 23, 2021. He was sought for fraud charges and founding a criminal organization. However, he managed to flee Turkey last year leaving investors unable to access their accounts.

Turkey Authorities eventually issued an international arrest warrant with more than $2 billion of funds stuck in the crypto exchange Thodex. The former CEO of Thodex was caught in Albania on August 30, 2022. However, his lawyers appealed against the continued detention of Ozer on September 14, 2022.

The cumulative losses incurred by investors still remain unclear. However, the initial estimate of losses filed in the prosecutor’s documents came out to be around $24 million.

Also Read: Binance CEO “CZ” Downplays Post-Halving Bitcoin Price Prediction By ChatGPT

The year 2022-2023 has seen the arrest of several collapsed crypto projects and firms. First the arrest of collapsed crypto exchange FTX Boss Sam Bankman-Fried (SBF) and the detainment of Do Kwon, CEO of Singapore-based Terraform Labs.

Fugitive Do Kwon was arrested in Podgorica, Montenegro. The Terra network collapse in mid-2022 led to a massive drop in the crypto market. However, during a recent court hearing, a US district judge denied Do Kwon’s request for an order pitched in by the Securities and Exchange Commission to withhold its request for documents that are in the hold of the Singaporean regulator.

Advertisement
Ashish Kumar
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.