Невероятный поворот: Основатель Thodex найден мертвым в заключении после долгого разбирательства Translation: Incredible Turn: Thodex Founder Found Dead in Custody After Lengthy Proceedings

Faruk Fatih Özer, the former CEO and founder of the now-defunct Turkish cryptocurrency exchange Thodex, has been found dead in a solitary confinement cell in a high-security prison in Tekirdağ. Local media report that the entrepreneur was discovered hanging in the bathroom.

Authorities initially classified the incident as suicide. The body has been sent to the Institute of Forensic Justice to determine the cause of death, and an investigation has been launched by the prosecutor’s office.

On April 20, 2021, Thodex unexpectedly ceased trading. Users were also alarmed by the sudden closure of the exchange director’s social media accounts.

The platform’s team initially attributed the shutdown to planned technical updates, later stating that a «major partner» was coming on board, causing the website to be temporarily unavailable during the transfer process, which was expected to take 4-5 days.

Thodex denied any allegations of an exit scam, with Özer assuring that he had no intention of fleeing, labeling the reports of missing user funds as unfounded. However, journalists, citing police sources, indicated that the entrepreneur left Turkey a day before trading was halted.

As part of the ongoing investigation, warrants were issued for the arrest of 78 individuals associated with the exchange. More than 60 suspects were promptly detained by the police.

Turkey issued a «red notice» for Özer through Interpol. He was apprehended in Albania in August 2022 at the request of Turkish law enforcement.

In April 2023, the entrepreneur was extradited to Turkey. In September, the court sentenced Özer, along with his sister and brother, to 11,196 years, 10 months, and 15 days in prison each. They were also fined 135 million lira (about $5 million). The charges included forming a criminal organization, fraud, and money laundering.

The court acquitted 16 out of 21 defendants in the case.

According to the prosecutor’s statement, investors lost approximately $24 million due to the collapse of Thodex, while Turkish media reported losses of $2 billion. The analytical firm Chainalysis calculated the damage at $2.6 billion.

In May 2024, the Turkish authorities announced plans to tighten regulations related to digital assets, with one of the key goals being investor protection following the Thodex collapse.

Starting February 2025, users engaging in cryptocurrency transactions exceeding 15,000 TRY (~$357) will be required to provide identification to service providers.

Following this, the Ministry of Finance introduced limits on transfers in stablecoins ($3,000 per day and $50,000 per month) and delays for fund withdrawals (48-72 hours). The ministry explained that these measures were part of an effort to combat money laundering.

In July, Turkish authorities blocked access to the decentralized exchange PancakeSwap and the platform CryptoRadar, citing «providing services with crypto assets without permission.»