Thodex CEO Caught a Year After the Exchange’s Crash

The founder of Thodex (a Turkish exchange of cryptocurrency), who has been a fugitive following its collapse, has got caught in Albania. After being arrested, he has been extradited to the home country thereof, as per the information given by both the countries’ authorities. Thodex founder named “Faruk Fatih Özer” left Turkey nearly a year back after exploiting 400,000 consumers of the respective crypto exchange. The users were abruptly unable to reach their accounts.

Thodex Founder Detained after Living Abroad for 1 Year following the Firm’s Collapse

Formerly in April previous year, when the respective event took place, Özer deceived the community by saying that a cyber attack has targeted the firm however the funds of the customers were even then secure. Nonetheless, He disagreed with his statement latterly. He additionally mentioned that there was a requirement for a halt to accomplish an indefinite investment that was being made by the firm.

At that moment an instant move was taken by the Turkish authorities and the offices of the exchange were raided. Consequently, more than 60 people were arrested and the documents, computers, as well as the rest of the relevant objects of the company were seized as a result. As per the reports, Özer left Turkey and moved to Albania where Interpol as well as the local authorities pursued him under a red notice (considered to be an international arrest warrant) that was released for him.

In Turkey, crypto has received a lot of attention as they have played a significant role in letting people set aside the widespread inflation in the country. In the previous month, an elevation of up to 79.6% has been reported in prices on an annual basis. The policymakers of the country, taking into account Recep Tayyip Erdogan (the President of Turkey), have declined to take radical actions against the increasing inflation in prices.

Turkish Citizens Find Shelter in Crypto to Confront Rising Inflation

The Turkish citizens have moved toward crypto exchanges, among which one was Thodex. In this way, they aimed at shielding the purchasing potential of the hard-earned liras in their possession via converting them into USDT and USDC (the popular stablecoins). The deposits of more than $2B were reportedly handled by Thodex for the customers. At the time of Özer’s quit, reports mentioned that nearly $125M worth of BTC was sent by Thodex to a United States-based exchange called Kraken.