Turkish crypto exchange Thodex investigated over alleged USD 2 billion fraud

The action follows complaints from users who could not access their assets. Thodex owner Faruk Fatih Ozer deactivated his social media accounts and is believed to have fled Turkey for Tirana, Albania, Financial Crime News cited Turkish broadcaster Haberturk.

In a written statement carried by Haberturk and other Turkish media, the crypto exchange owner denied the allegations of fraud and said he had left Turkey to hold meetings with foreign investors. He said he would return to Turkey within ‘a few days’ to cooperate with the Turkish authorities.

Ozer could face possible charges of fraud and forming a criminal organisation. Meanwhile, the country’s financial crimes investigation agency blocked all Thodex’s funds, Financial Crime News cited the state-run Anadolu Agency reports.

Ozer also maintained that access to the cryptocurrency exchange was temporarily shut down to allow Thodex to investigate an alleged cyber-attack.

Mid-April 2020, Turkey’s central bank announced that it was banning the use of cryptocurrencies for the payment for goods, saying they presented ‘irrevocable’ risks.