The cryptocurrency space has once again recorded another loss that has sent cold shivers down the spines, as news spreads about the death of Faruk Fatih Özer, the former CEO of the failed Turkish cryptocurrency exchange Thodex. Özer was found dead in his prison cell on November 1, 2025. His death has raised many questions and led to investigations. The incident, reported by Bloomberg, has once again brought the spotlight to Thodex after its shutdown in April 2021. From Collapse to Capture Thodex, founded in 2017, gained prominence during Turkey’s crypto boom, attracting over 390,000 users by early 2021 with promises of high returns. Özer promoted the platform’s security and innovation on social media. However, issues began when the exchange tightened withdrawal limits, causing concern among users.  On April 21, 2021, Özer announced a temporary stop to transactions. Soon after, the website went offline, locking users out of their funds. Panic spread as investors realized they had lost billions of dollars. Özer fled Istanbul as Turkish authorities issued an Interpol Red Notice, charging him with fraud, money laundering, and leading a criminal organization. In July 2021, Albanian police arrested him in a café in Tirana, from where he was sent back to Turkey for trial. The Istanbul trial, which took place from 2022 to 2023, revealed clear evidence of fraud. Troubling Trends in the Crypto Space In September 2023, Özer, then 33, was found guilty of 42 charges and was sentenced to 11,196 years in prison for defrauding over 390,000 investors of about $2 billion. However, in the early hours of today, prison staff found him lifeless in his cell, leading to an investigation into a possible suicide. The cryptocurrency space has faced significant losses due to hacks, scams, and the closure of exchanges, adding to a rise in fatalities. Scams like Thodex target investors seeking quick profits. The FTX crash in 2022 triggered several lawsuits and $8 billion in losses. Meanwhile, there is a troubling rise in suicides linked to market stress. For example, on October 11, 2025, Konstantin Ganich, known as Kostya Kudo, was found dead in his Lamborghini in Kyiv. The 32-year-old fund manager died from a self-inflicted gunshot wound during a major market crash related to U.S.-China tariffs, which wiped out over $19 billion that week. The post Ex-CEO of Defunct Crypto Exchange Thodex Found Dead in Prison appeared first on CoinTab News.The cryptocurrency space has once again recorded another loss that has sent cold shivers down the spines, as news spreads about the death of Faruk Fatih Özer, the former CEO of the failed Turkish cryptocurrency exchange Thodex. Özer was found dead in his prison cell on November 1, 2025. His death has raised many questions and led to investigations. The incident, reported by Bloomberg, has once again brought the spotlight to Thodex after its shutdown in April 2021. From Collapse to Capture Thodex, founded in 2017, gained prominence during Turkey’s crypto boom, attracting over 390,000 users by early 2021 with promises of high returns. Özer promoted the platform’s security and innovation on social media. However, issues began when the exchange tightened withdrawal limits, causing concern among users.  On April 21, 2021, Özer announced a temporary stop to transactions. Soon after, the website went offline, locking users out of their funds. Panic spread as investors realized they had lost billions of dollars. Özer fled Istanbul as Turkish authorities issued an Interpol Red Notice, charging him with fraud, money laundering, and leading a criminal organization. In July 2021, Albanian police arrested him in a café in Tirana, from where he was sent back to Turkey for trial. The Istanbul trial, which took place from 2022 to 2023, revealed clear evidence of fraud. Troubling Trends in the Crypto Space In September 2023, Özer, then 33, was found guilty of 42 charges and was sentenced to 11,196 years in prison for defrauding over 390,000 investors of about $2 billion. However, in the early hours of today, prison staff found him lifeless in his cell, leading to an investigation into a possible suicide. The cryptocurrency space has faced significant losses due to hacks, scams, and the closure of exchanges, adding to a rise in fatalities. Scams like Thodex target investors seeking quick profits. The FTX crash in 2022 triggered several lawsuits and $8 billion in losses. Meanwhile, there is a troubling rise in suicides linked to market stress. For example, on October 11, 2025, Konstantin Ganich, known as Kostya Kudo, was found dead in his Lamborghini in Kyiv. The 32-year-old fund manager died from a self-inflicted gunshot wound during a major market crash related to U.S.-China tariffs, which wiped out over $19 billion that week. The post Ex-CEO of Defunct Crypto Exchange Thodex Found Dead in Prison appeared first on CoinTab News.