The founding father of Turkish cryptocurrency change, Thodex, Faruk Fatih Ozer, has lastly been arrested after two years on the run. Ozer was detained by the Istanbul Airport Police Division on April 20, following his arrival at Istanbul Airport from the Albanian capital of Tirana. The 27-year-old is going through prices of fraud and cash laundering regarding allegations of an exit rip-off involving no less than $2 billion price of cryptocurrency stolen from Thodex.
The saga of the Thodex change started on April 22, 2021, when the platform abruptly halted buying and selling and withdrawals amid reviews of police raids at its places of work. Native publications speculated that the suspension was a part of an exit rip-off involving Ozer, who was alleged to have fled Turkey with the stolen cryptocurrency. Interpol subsequently issued a purple discover for Ozer, who reportedly ran to Albania.
A couple of 12 months after Thodex collapsed, Ozer was arrested in Albania in August 2022, and Turkish authorities issued a warrant for his extradition. After a number of months of authorized proceedings, Ozer was lastly extradited to Turkey to face prices. The detained founder is predicted to bear well being check-ups after which might be taken to the Istanbul Police Division for questioning.
Following the collapse of Thodex, Turkish police detained 62 individuals over alleged involvement within the exit rip-off, together with a few of the then-missing CEO’s siblings. The detainees had been charged with fraud, cash laundering, and membership of a legal group. Turkish authorities have been working with worldwide regulation enforcement companies to trace down the lacking funds, which have been reported to be in varied cryptocurrency accounts and exchanges.
The Thodex saga highlights the dangers related to investing in unregulated cryptocurrencies, significantly in nations the place the authorized and regulatory framework continues to be evolving. The collapse of Thodex and the following arrest of Ozer has sparked a debate in Turkey in regards to the want for larger oversight and regulation of the cryptocurrency trade. The Turkish authorities is reportedly engaged on a brand new regulatory framework for cryptocurrencies, which is predicted to be unveiled later this 12 months.
In conclusion, the arrest of Thodex founder Faruk Fatih Ozer marks a major improvement within the ongoing investigation into the alleged exit rip-off involving the Turkish cryptocurrency change. Whereas the restoration of the stolen funds stays a difficult process, the arrest of Ozer sends a powerful message to different would-be cryptocurrency fraudsters that they can’t evade justice indefinitely.
