Historic cryptocurrency fraud in Turkey, the founder of the exchange fled the Country

Web Desk. The first and biggest fraud in the Turkish Cryptocurrency market has come to light and the founder of the cryptocurrency exchange Thodex, Faruk Fatih Ozer, has left the country with $2 billion. More than 391,000 people have lost their money due to fraud. Ozer is said to have moved to Albania.

At the request of Turkish authorities, Interpol has issued a red notice for his arrest. Although an investigation was launched on April 21 and the company’s accounts were blocked, several flaws were found in the entire system.

The company, which has been operating since 2017, recently closed its services for several days, saying it was going to invite reputable foreign banks and companies to invest in order to better serve its partners.

Shortly after this statement, however, users encountered problems with money transfers and the site became inaccessible to them. The trade volume of cryptocurrency in Turkey is between one and two billion US dollars.

It is the largest fraud case in Turkey’s history, and coincidentally with the Central Bank of Turkey’s decision to ban digital currency from April 30.

Along with many other decisions, the central bank also targeted individuals and companies who engaged in illegal activities of digital currency or attempted money laundering through it. Earlier, a picture of the company’s founder appeared in which he was meeting with several top Turkish policymakers.



According to a report by the World Economic Forum, Turkey is the 74th largest economy in the world in terms of the use of cryptocurrencies and the first in Europe where ordinary people use cryptocurrencies.

Fatih Guner, a cryptocurrency expert, told Arab News, “Thodex is a Turkish company that trades in cryptocurrencies and there are no laws in place”. A recent survey found that 16 to 20 percent of Turkish citizens used cryptocurrency last year.

Fatih Guner also said that the process of adopting this currency is very fast but the knowledge about it is very limited, which is very dangerous for the business associated with cryptocurrency. Because these platforms make money like this when people can buy or sell from these platforms.

Experts have been urging the government to take action against those who invest in cryptocurrencies. In March, a man in the southern Turkish city killed his two children and his wife and committed suicide after losing an investment in bitcoin and a large sum of money.

Phone Fraud: the 90 year old woman loses $32 Million

Here at mynewsify.com, what matters the most is your valuable engagement and YOU, the readers!