The Albanian police have arrested Faruk Fatih Ozer, founder and CEO of crypto exchange Thodex, for fleeing away with the customer funds after its platform collapsed last year. Thodex was one of the most used crypto trading exchanges in Turkey, with a user base of more than half a million.
Albanian authorizes captures Thodex CEO
Recently, Fark Faith, a 27-year-old businessman and founder of Thodex, was arrested by the Albanian Police under a warrant issued by Interpol. Albanian authorities have been trying to find him since long after he fled from Turkey with 2 billion dollars of customer funds and his investor’s assets. As per the reports, around half a million people suffered losses from fraud, which is not a small number.
Mr. Ozer, Founder of Thodex, disappeared last year following the shutdown of this crypto exchange platform which got publicity after the last year’s crypto boom in Turkey, where many people were attempting to save their savings from the country’s inflation, which was going downside.
He is currently accused of committing fraud as well as money laundering. As per the officials, the damages caused by his acts exceeded a total of 350 million Turkish Liras, which is a significant amount. This activity would lead him and other members of its executive team to prison, sentenced to life imprisonment.
On the detention of the Thodex Founder, Ozer, The Turkish Interior Minister released a statement stating that Albania has begun the essential procedures for Ozar’s extradition to Turkey. A Turkish newspaper reported that he is currently held in Elbasan for investigation purposes and will appear in court soon.
More on the arrest of Thodex’s Founder and his executive team
As per the reports, more than 55 people, along with the founder of the platform, have been detained for investigation purposes in Turkey. Recently, the Albanian authorities announced that during the arrest operation of the Thodex’s founder, a resident of Tirana and numerous people from Durres were apprehended to determine their contact with the suspect.
For evidence, several laptops, mobile phones, and other essential items were seized. There are still many people out who were part of this fraud.
What are your thoughts as the CEO of crypto exchange Thodex was arrested by Albanian Police? How much do you think money could be recovered from this detention? Let us know in the comment below. And, if you found our content informative, share it with your family and friends.
Also Read: JPMorgan Chief Global Strategist advises investors worldwide to sell crypto.
