- Faruk Fatih Ozer, founder of Thodex, was found dead in his prison cell amid an ongoing investigation.
- Ozer was serving an 11,196-year sentence for leading Türkiye’s largest crypto fraud, impacting 400,000 investors.
- The Thodex collapse led to stricter crypto regulations as Türkiye remains MENA’s largest digital asset market.
Faruk Fatih Ozer, founder and former CEO of the collapsed Turkish cryptocurrency exchange Thodex, was found dead in his prison cell at the Tekirdag F-Type High Security Closed Prison. Authorities reported that Ozer was discovered hanging in his bathroom during a routine inspection. Early findings from Türkiye’s Ministry of Justice indicated suicide as the probable cause. Officials have launched a detailed investigation into his death.
A Sentence Spanning 11,000 Years
Ozer was sentenced to 11,196 years, 10 months, and 15 days for being the head of a criminal organization, committing aggravated fraud, and laundering money. His brothers, Guven and Serap Ozer, were also given the same long sentences for similar offenses. The court’s decision marked the end of one of the largest crypto fraud cases in Türkiye, which had an impact on approximately 400,000 investors.
Thodex, founded in 2017, had grown to be one of the most popular crypto exchanges in Türkiye. It attracted a lot of attention due to its promotional offers and fast trading. However, the company surprised everyone by announcing a “temporary halt” and stopping all operations in April 2021. Ozer then managed to leave the country and got an international police search launched against him. He was arrested in Albania in August 2022 and brought back to Türkiye in April 2023.
The prosecutors accused Ozer and his partners of moving ₺253.7 million ($8.9 million) in crypto assets to wallets controlled by them, which included accounts in Malta. The Financial Crimes Investigation Board (MASAK) later estimated the total loss of investors at ₺356 million ($12.5 million). Thodex’s downfall shocked and angered the public, leading the Turkish government to hasten crypto market regulations.
Legal Proceedings and Aftermath
The Anadolu Chief Public Prosecutor’s Office charged 21 defendants in connection with the case. Seven individuals, including Ozer, were detained, while sixteen were acquitted due to insufficient evidence. Investigators stated that Thodex had attracted users with incentives before freezing withdrawals without notice.
Despite the scandal, Türkiye remains the largest cryptocurrency market in the Middle East and North Africa. According to Chainalysis data, annual transactions reached nearly $200 billion, about four times that of the United Arab Emirates.
Since 2021, total inflows have exceeded $878 billion. Analysts recorded a slight decline in retail activity as institutional investors gained a stronger presence in the market. Ozer’s death marks the final chapter in a case that reshaped Türkiye’s approach to cryptocurrency regulation.
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