Turkey crypto exchange founder flees country with $2 billion

Turkish cryptocurrency exchange goes offline, CEO is missing with $2 billion -- investors and crypto holders are sh*tting bricks.

44 seconds read time

Turkish cryptocurrency exhcange Thodex is offline and its CEO and founder has fleed the country with $2 billion of investors' money and people are (rightfully) very, very pissed off.

Turkey crypto exchange founder flees country with $2 billion 03

Thodex founder and CEO Faruk Fatih Ozer has reportedly flown to Albania, with a picture of what is purportedly Ozer leaving the Instanbul Airport posted by local media Demiroren News Agency. Thodex has 400,000 users where 390,000 of those users were active -- according to a lawyer who filed a criminal complaint against Ozer.

Ozer has of course denied allegations of the situation, saying that just $30,000 users have been affected by what's going on and that the claims of $2 billion in losses are simply "unfounded". Thodex users by the droves have been filing complaints against the crypto exchange, obviously worried that their money -- and in many cases -- life savings have been flushed down the toilet.

Many Turkish citizens have been putting their money into various cryptocurrencies, and on Thodex obviously, as a way of protecting their money from skyrocketing inflation and the weakening of the local Tuskish lira.

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NEWS SOURCES:bloomberg.com, protos.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering and has recently taken a keen interest in artificial intelligence (AI) hardware.

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