Özer was arrested in Albania on August 30, 2022, and brought back to Turkey on April 20, 2023. He had been detained on charges including “forming and leading a criminal organization,” “fraud using information systems, banks, or credit institutions as tools,” and “money laundering by traders, company directors, and cooperative managers.”

What is Thodex, and How Did the Fraud Incident Happen?

Thodex was a Turkish cryptocurrency exchange founded by Faruk Fatih Özer in 2017. Initially launched as Koineks Teknoloji, the company rebranded under the Thodex name in 2019. The exchange was promoted with attractive offers like free cryptocurrency and a Porsche car giveaway.

In 2021, significant disruptions occurred with Dogecoin transactions, leading to a loss of trust among users. On April 19, 2021, all transactions were halted, and the company claimed maintenance was being carried out. However, it was later revealed that on April 20, Özer had fled to Albania. He passed through passport control at Istanbul Airport at 17:57 and boarded a flight to Tirana, Albania, at 19:50.

Subsequently, it was claimed that approximately $2 billion worth of investments were lost, affecting 391,000 users. Özer’s escape and the massive financial losses were linked to fraudulent activities within the exchange.

The loss of funds and Özer’s escape severely damaged the reputation of cryptocurrency exchanges in Turkey, eroding public trust.

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