Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Turkish crypto exchange boss goes missing, reportedly taking $2 billion of investors' funds with him

Turkish crypto exchange boss goes missing, reportedly taking $2 billion of investors' funds with him

A Turkish cryptocurrency exchange is offline and its CEO has reportedly gone missing, leaving thousands of investors worried that their funds have been stolen.

Thodex, a crypto firm based in Turkey, said its platform has been “temporarily closed” to address an “abnormal fluctuation in the company accounts,” according to a translated statement on its website.

Local media reports say that Faruk Fatih Ozer, Thodex’s founder, has flown to Albania, taking $2 billion of investors’ funds with him. Demiroren News Agency published a photo of what it said was Ozer leaving Istanbul Airport.

A lawyer who filed a criminal complaint against Ozer said Thodex had 400,000 users, of which 390,000 were active. However, Ozer has disputed the allegations, saying only 30,000 users have been affected by the situation and that reports about $2 billion of losses are “unfounded.”

According to Anadolu Agency, Turkish authorities have now issued an international warrant seeking Ozer’s arrest. Police have detained 62 people in eight cities including Istanbul, the state-run news agency said.

Thousands of Thodex users have filed complaints against the company, with investors saying they are unable to access their accounts and worry that their savings may be irretrievable. Some Turkish citizens have turned to crypto as a way to protect their savings from skyrocketing inflation and the weakening of the Turkish lira.

According to Bloomberg, Thodex last month offered new registrants millions of free dogecoins. The exchange reportedly said 4 million of the meme-inspired crypto tokens had been distributed but many users say they haven’t received them.

Thodex was not immediately available for comment when contacted by CNBC via Twitter.

Crypto crackdown ahead?


It’s a reminder of the regulatory uncertainty surrounding the crypto industry. Though some countries are introducing rules aimed at bringing crypto businesses under their supervision, the industry lacks the level of scrutiny seen in more established financial markets.

In 2019, Canadian crypto exchange QuadrigaCX went bankrupt after its CEO died, resulting in millions of dollars’ worth of digital assets being trapped in a digital wallet.

Turkey’s central bank recently banned the use of cryptocurrencies for purchasing goods and services. President Recep Tayyip Erdogan has called for swift regulation, warning of “pyramid schemes” emerging in the crypto markets.

Meanwhile, Britain’s financial services watchdog warned in January that crypto investors “should be prepared to lose all their money” due to the “very high risks” associated with them.

Bitcoin and other cryptocurrencies are decentralized, meaning they’re not controlled by a single individual but a network of computers. The whole idea of bitcoin originally was for people to be their own bank and hold money outside of the traditional financial system.

Crypto investors believe the industry has matured a great deal over the years, however. Bitcoin’s price has climbed more than sixfold over the last 12 months, even after a sharp plunge in prices recently. And bitcoin bulls hope that the entrance of institutional investors and companies like Tesla to the market will help move cryptocurrencies into the mainstream.

Nonetheless, volatility in digital currency prices and a potential regulatory clampdown are big risks for the industry. Jesse Powell, CEO of U.S. exchange Kraken, told CNBC earlier this month that he thinks there “could be some crackdown” on cryptocurrencies.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×