Got you! Fugitive Crypto Exchange Founder Collared In Albania
A crypto exchange entrepreneur who has long evaded the authorities is now in police custody.
According to a report by Barron’s, citing the Turkish Interior Ministry, Albania has arrested the founder and CEO of cryptocurrency exchange Thodex, who fled Turkey and left users’ funds unrecoverable.
The escaped entrepreneur – Faruk Fatih Ozer – was the subject of an Interpol Red Notice, a worldwide call for law enforcement agencies to find and arrest a wanted person.
In April 2021, an international arrest warrant was released for Ozer, who allegedly absconded with $2 billion from 391,000 investors.
During this period, officials conducted simultaneous dawn raids in eight Turkish cities and arrested 62 people suspected of having ties to Ozer’s company, Thodex. In that raid, a significant amount of digitized papers and other material was seized.
Thodex Founder and CEO Faruk Fatih Ozer. Image: Hürriyet Daily News.
CEO of Crypto Exchange says accusations are baseless
Based on the report, Tirana police told Turkish Interior Minister Suleyman Soylu that Ozer was arrested in Vlora, Albania.
Tirana is the capital and largest city of Albania. Biometric results proved Ozer’s identity.
Before his arrest, Ozer stated that the allegations against him were “unfounded” and that he was in Albania for “business meetings”.
The 27-year-old CEO is accused of fraud and the establishment of a “criminal enterprise”. His extradition case has been filed by the Interpol branch of the Turkish police, the interior ministry said.
Thodex, which had been operating since 2017, abruptly stopped trading in April 2021, citing an unspecified external investment that required a four- to five-day trading halt.
Tightening grip on crypto
In an attempt to protect their assets against a sharp decline in the value of the national currency, the lira, a growing number of Turks are preferring to adopt cryptocurrencies. However, the crypto market in Turkey is unregulated.
The Turkish government said last April that it would ban the use of cryptocurrencies as payment for goods and services.
Several countries, including Russia, China and India, have stated that they will introduce more regulations on cryptocurrencies in response to concerns about volatile trading and the potential for illegal use.
Meanwhile, prosecutor Kreshnik Ajazi revealed that Ozer will face a court hearing in the following days, where the “security measure” of 40 days behind bars will be decided, and the extradition process to Turkey will then begin.
