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Thodex CEO Faruk Özer Extradited and Arrested in Istanbul

Faruk Fatih Özer, the founder of Thodex, one of Turkey's largest crypto exchanges, has been extradited to Turkey from Albania. Upon his arrival in Istanbul, Özer was detained by the police. He faces charges of fraud and running a criminal organization, according to state media

Thodex logo and Faruk Fatih Özer
Thodex logo and Faruk Fatih Özer

Interpol's Red Notice Leads to Arrest

Özer was arrested in Albania in August of last year following an Interpol red notice issued against him. He fled to Albania after his crypto exchange, Thodex, abruptly went offline, leaving over 400,000 members without access to their deposits, totaling $2 billion in cryptocurrencies.

Impact on Turkey's Crypto Scene

The Thodex scandal has caused a significant stir in Turkey, where cryptocurrency has become a popular hedge against inflation. Özer's brother, sister, and four other high-ranking employees were imprisoned after the incident. At least 83 people were detained as part of the ongoing investigation.