Take away US$2 billion in cash, Thodex Crypto Exchange Boss Arrested

The founder of crypto exchange Thodex, suspected of fleeing Turkey with his client's assets, has been arrested in Albania. This was revealed by the Turkish Interior Ministry, Tuesday (30/8/2022).
The Albanian capital Tirana has informed Turkey's Interior Minister Suleyman Soylu that Ozer, wanted by Interpol, was arrested in Vlora, Albania.

Meanwhile, Turkey issued an international arrest warrant in April last year for Faruk Fatih Ozer, who fled with US$2 billion in investor assets. The extradition procedure has begun.
Previously, the Thodex exchange launched an aggressive campaign to lure investors. The exchange promised to distribute luxury cars through a flashy advertising campaign featuring well-known Turkish models.

However, the exchange suspended trading in April after posting a mysterious message days earlier saying it would take five days to deal with unspecified outside investments.

Istanbul-based Thodex went dark after running a promotional campaign that sold Dogecoin at a quarter of the price they traded on other exchanges. The exchange then locks the investment and does not allow the coins to be sold or converted into other cryptocurrencies.

Turkish security officials later released a photo of Ozer through passport control at Istanbul airport on his way to an unspecified location.

Media reports said the exchange closed temporarily holding at least $2 billion from 391,000 investors. More than 60 people associated with the company were arrested.

The hunt for Ozer comes as the Turkish crypto market begins to falter. The government of President Recep Tayyip Erdogan warned of the risks and announced plans to rein in the digital currency market.

Meanwhile, crypto assets have become one way for many Turks to maintain their savings during the sharp decline in the value of the lira.
A number of governments, including India, China and Russia, have said they will introduce stricter regulations on cryptocurrencies amid concerns over volatile trade and the potential for its use for criminal purposes.

In recent years, the crypto sector has benefited from a large cash inflow. However, rampant inflation has fueled tighter monetary policy around the world, helping to make the industry collapse.