Turkey launches international hunt for crypto exchange Thodex CEO

Rick Steves

The $2bn crypto trading scandal in Turkey, which Mr. Ozer claims to be “baseless”, comes days after the Turkish central bank announced a ban on cryptocurrency payments.

Turkey has issued an international arrest warrant for Faruk Fatih Ozer, the founder of cryptocurrency trading Thodex.

According to the country’s state media, Mr. Ozer fled to Albania with an alleged $2bn from 391,000 investors although he has already come forth and called the allegations against him “baseless”.

He claimed to be abroad for meetings with foreign investors and that he would return “in a few days and cooperate with judicial authorities so that the truth can come out”.

It’s been reported that on Wednesday, the platform posted a “mysterious message” saying it needed five days to handle an unspecified outside investment. Mr. Ozer was then seen at Istanbul Airport traveling to an undisclosed location.

Trading at the platform stopped and investors started to contact the authorities. Complaints against the crypto exchange skyrocketed by more than 1,160% compared to the previous week.

Turkish authorities have raided places in eight Turkish cities and arrested 62 people over alleged connections to Thodex. Authorities had warrants to arrest 78 suspects in total.

The Turkish Central Bank has recently announced a ban on cryptocurrency payments in the country. From 30 April, residents in Turkey will be unable to legally pay for goods and services with digital assets.

The “Regulation on the Disuse of Crypto Assets in Payments” addresses the increasing lack of confidence in the Turkish Lira, with the people turning to cryptocurrencies to protect their savings from inflation.

Arguing for the ban on crypto payments, the Central Bank of the Republic of Turkey (CBRT) stated: “Crypto assets entail significant risks to the relevant parties due to the following reasons:

they are neither subject to any regulation and supervision mechanisms nor a central regulatory authority,
their market values can be excessively volatile,
they may be used in illegal actions due to their anonymous structures,
wallets can be stolen or used unlawfully without the authorization of their holders, and
transactions are irrevocable.

“Recently, some initiatives have emerged regarding the use of these assets in payments. It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments”, the central bank added.

Read this next

Digital Assets

Flock.io and io.net Unite to Pave the Way for Decentralized AI Development

In an effort to create a community-driven Flock.io platform for on-chain, decentralized AI models; the leaders have decided to join hands with io.net to power Flock with decentralized computing.


Crypto 2025: The Action Points to Follow to Capitalize on Bitcoin and BlockDAG Network’s 2025 20000X ROI Predictions

In this analysis, we delve into the price predictions for Bitcoin and BlockDAG Network, and we explore the factors driving these projections while offering actionable insights for investors that are looking to capitalize on the 20000x potential of these projects.

Retail FX

Orfinex joins Financial Commission as approved broker member

Multi-asset brokerage firm Orfinex has become a member of the Financial Commission, joining the ranks of the self-regulatory organization. This accreditation reassures traders that the firm meets the quality standards set by the commission.


Telegram CEO’s Bitcoin stash valued in hundreds of millions

Telegram CEO Pavel Durov revealed that he has held several hundred million dollars in fiat and bitcoin for the past decade.

Digital Assets

Bitcoin drops below $60K as halving just 300 blocks away

Bitcoin fell below the $60,000 mark on April 17, just days before a scheduled reduction in mining rewards, known as the “halving,” which is set to occur on April 20.


New Meme Coin ICO Dogeverse Raises $6 Million After Completing Coinsult Audit

A new multichain meme coin, Dogeverse, has raised $6 million in its presale and recently passed a smart contract audit.

The new meme coin leverages bridge technology, ensuring the token is available across the most prominent on-chain markets.

Retail FX

Interactive Brokers posts Q1 earnings, raises dividend

Interactive Brokers Group Inc (NASDAQ:IBKR) announced its first-quarter financial results for the period ending March 31, 2024. The leading automated global electronic broker reported a GAAP diluted EPS of $1.61 and an adjusted EPS of $1.64.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: USD, FED, Gold  April 17 ,2024

The Fed’s hawkish stance on interest rates is strengthening the US dollar while central banks globally grapple with inflation and economic growth.

Digital Assets

Kraken launches self-custodial wallet, joining competitors like Coinbase

Kraken, the second-largest U.S.-based cryptocurrency exchange, has introduced its own digital wallet, aligning its offerings with those of competitors like Coinbase.