Fugitive Founder of Turkish Crypto Exchange Thodex Arrested in Albania – Bitcoin News

Albanian authorities have arrested the founder and CEO of Turkish cryptocurrency exchange Thodex, who allegedly fled Turkey with client funds when the trading platform collapsed. Faruk Fatih Ozer was wanted for fraud with a red notice issued by Interpol.

Albania captures alleged crypto fraudster, prepares to hand him over to Turkish judiciary

Police in Albania arrested 27-year-old Turkish businessman Faruk Fatih Ozer, who founded and ran the now defunct crypto exchange Thodex. Albanian police have been trying to locate him since he allegedly fled the country with $2 billion of the investors’ assets. Close to 400,000 people are believed to have suffered losses.

According to an announcement from the Turkish Interior Ministry, cited by Anadolu Agency and other Turkish media, the Interior Minister of Albania Bledar Çuçi informed his counterpart in Ankara, Süleyman Soylu, that Ozer was captured in the city of Vlora. His identity was verified by biometric data.

Ozer disappeared in 2021 after the shutdown of his coin trading platform, which became popular during the crypto boom in Turkey, where many tried to protect their savings against the inflation of the Turkish lira, which quickly weakened. Last April, Turkey issued an international arrest warrant for him.

Turkish prosecutors are demanding jail terms totaling thousands of years for Thodex’s founders and other members of its management team suspected of halting trading as part of an exit scam. They are accused of committing fraud and money laundering, and authorities claim that the damages from their activities exceeded an estimated 350 million Turkish lira (close to $20 million at current exchange rates).

The Turkish Interior Ministry said Albania has already initiated the necessary procedures for Ozer’s extradition to Turkey. He is now being held in Elbasan, Daily Sabah wrote, quoting a statement from Albanian city prosecutor Kreshnik Ajazi for the Balkan Investigative Reporting Network (BIRN). Ozer is expected to appear in court soon.

So far, more than 60 other people associated with Thodex have been detained as part of the investigation in Turkey. Albanian police said that during the operation for Ozer’s arrest, a resident of Tirana and another person from Durrës were detained to establish their relationship with the suspect. Laptops, mobile phones, bank cards and other items were seized as evidence.

Do you expect more arrests in the Thodex case in Turkey and Albania? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.