Crypto Exchange Founder Faruk Ozer Found Dead in Prison

• The authorities in Turkey found the collapsed crypto exchange, Thodex CEO, Faruk Fatih Ozer, hanging in his solitary cell at Tekirdağ F-Type High Security Prison, with suicide suspected as the probable cause of his death.
• In 2023 Ozer received an 11,196-year sentence for fraud, money laundering, and leading a criminal organization.

A few hours ago, there was breaking news concerning the founder of the now collapsed crypto exchange, Thodex. According to the reports, the founder was found dead in his prison cell. So far the incident has been suspected to be suicide, and an investigation has been launched to determine the exact cause of death.

Brief Details on the Crypto Exchange Founder’s Death

The founder, Faruk Faith Ozer, was discovered hanging in the bathroom of his single-person cell at the Tekirdağ F-Type High Security Closed Prison by the security authorities during their routine inspection checks. Before his passing, he was serving an 11,196-year prison sentence after being convicted of so many crimes, including aggravated fraud, money laundering, and also leading a criminal organization. This sentence was pronounced in April of 2021 after Thodex (his exchange platform) collapsed.

The crash of the platform left more than 400,000 investors in serious financial loss, according to the report shared by Chainalysis in 2021. The details also covered that users collectively lost about $2.6 billion due to the fact that the crypto exchange suddenly went offline, making it one of the major crypto scandals even up till this moment.

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The Rise and Fall of the Crypto Exchange Platform

The story of how Thodex operated as a functional platform with so many services and users to become a scam platform shocked everyone, including the Turkish and global crypto community. The exchange, which Ozer founded in 2017, grew so quickly as Turkey became one of the countries with the highest interest in cryptocurrency.

However, four years down the line, the platform stopped operations and halted trading and withdrawals, and while that was going on, Ozer reportedly fled out of the country. His disappearance raised eyebrows that later led to a massive manhunt that lasted over a year.

After months of running, Ozer was finally captured in Albania on the 30th of August 2022 and was later extradited to Turkey following a ruling by the Durres Court of Appeal. On the 23rd of April 2023, he was arrested officially and started trial.

His trial took place at the Anadolu 9th High Criminal Court, where he faced multiple charges related to fraud and illegal financial operations. In September of 2023, not just Ozer but also his two siblings, Guven and Serap, were each sentenced to 11,190 years and six months in prison. They were also fined about ₺135 million, which is approximately $3.2 million, for using information systems to commit fraud.

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