The Turkish cryptocurrency exchange with approximately 400,000 users has been accused of containing export scams. According to reports, its chief executive has fled Turkey and reportedly received US$2 billion in client funds with him. The police have an arrest warrant for the chief executive, and 62 people involved in the case have been detained.

Cryptocurrency exchange accused of export scam

The Turkish cryptocurrency exchange Thodex is offline and its CEO is reportedly missing. Thousands of investors worry about the theft of their funds because they cannot access their accounts.

A statement on the exchange’s website detailed the platform’s “temporary shutdown” to address “abnormal fluctuations in the company’s account”.

Local media reported that Faruk Fatih Ozer, the founder of Thodex, had fled the country to Albania and reportedly received US$2 billion in investor funds with him. The Demiroren news agency published a photo claiming to be Ozer leaving Istanbul Airport.

The state-run news agency Anadolu News Agency reported that the Turkish authorities have issued an international arrest warrant to Ozer. Interpol subsequently issued a red notice to Ozer on Friday. The Turkish Police Headquarters said that the Turkish Interior Minister and Chief of Police spoke with Albanian colleagues on Thursday, seeking to arrest Ozer.

Thousands of users have filed complaints against Thodex, saying they have been scammed. They cannot access their accounts and worry that their savings may not be recovered.

The lawyer who filed a criminal suit against Ozer said that Thodex has 400,000 users, of which 390,000 are active users. However, Ozer disagreed, claiming that this situation only affected 30,000 users, and that there were “about $2 billion in losses that are unfounded” reports.

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The police searched the company’s Istanbul office on Thursday and confiscated the materials. Arrest warrants have been issued against 78 suspects. So far, the police have arrested 62 people in 8 cities, including Istanbul.

Recently, some cryptocurrencies have become more and more popular among Turkish citizens who want to protect their savings from inflation and the devaluation of the lira. The Central Bank of Turkey recently banned the use of cryptocurrency as a payment method. President Recep Tayyip Erdogan called for rapid regulation of cryptocurrencies, warning of the increasing number of pyramid schemes in the cryptocurrency market.

Do you think that the Thodex cryptocurrency exchange is pulling an export scam? Let us know in the comments section below.

Tags in this story

Arrest warrant, Bitcoin scam, missing CEO, crypto scam, exit scam, fund freeze, police arrest, raid, thodex, thodex exchange, Turkey, Turkish exchange

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