The founder of cryptocurrency exchange Thodex, accused of fleeing Turkey with client assets, was arrested in Albania, according to Turkish officials on Tuesday. In April last year, the Turkish government issued a warrant for the arrest of fugitive businessman Faruk Fatih Ozer, accused of fleeing with $2.0 billion in investor assets. Turkish authorities say the suspect is facing thousands of years in prison. Prosecutors claim he formed a criminal organization engaging in cyber fraud and money laundering via illegal activities. Thodex participated in the cryptocurrency craze triggered by local investors trying to safeguard their assets from rising inflation and a fluctuating currency. According to the charge for the prosecution, the exchange’s collapse caused total losses of 356 million liras ($24 million). Thodex Developed Strong Investor-Attraction Activities Through an eye-catching advertising campaign with well-known Turkish models, it promised to distribute luxury vehicles. However, the Thodex market stopped trading in April after publishing a cryptic statement days earlier stating that it would take five days to handle an unidentified foreign investment. Then, the Turkish security personnel released a picture of Ozer traveling through passport control at the Istanbul airport on his route to an unidentified destination. According to press sources, the market closed with at least $2 billion from 391,000 investors. More than ...
