Faruk Fatih Ozer, the CEO of Turkish crypto-exchange Thodex, has been detained by law enforcement officials in Albania, the Turkish Interior Ministry said. Under the direction of the Interpol Police Headquarters, extradition proceedings have been initiated against Ozer from Albania to Turkey.
Turkish cryptocurrency exchange Thodex was founded in 2017. In April 2021, the exchange abruptly ceased operations and its founder left the country. More than 400,000 users lost money due to the exchange’s exit scam.
The Turkish prosecutor’s office launched an investigation and several people were detained. During a court hearing, a total of 21 people, including Ozer’s brother and sister, were charged with organising a criminal group and fraud. Estimates of the total losses from the closure of Thodex vary widely. According to Chainalysis, users of the crypto-exchange lost about $2.52 billion. The April 2022 indictment claims losses of more than $24 million. The prosecutor demanded 40,654 years in prison for Ozer and his colleagues.