Breaking: Collapsed Crypto Exchange Thodex Boss Detained In Turkey

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.

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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.

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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.