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Turkish crypto exchange owner flees country with over $2 bn

Turkish crypto exchange Thodex goes kaboom as owner flees the country with an estimated $2 billion. The exchange has stopped operating, and the money of investors has been stolen. The police are already onto it and are looking for the founder of the company and the other officials. This news has also surprised the entire market as crypto is already bearish after the recent tax news.

Turkish Crypto exchange Thodex is down!

According to the reports, there were over 390,000 active users on the platform Thodex. And even though it has not a very big number, it is not small either. The assets of all those individuals are in danger as they are not retrievable at this point. This news also brings up the question that regulation is needed for the crypto community. There has been a lot of scams and illegal stuff going on in respect of the crypto markets. And therefore, to keep the markets safe and users’ money away from any sort of scam, the government might soon start regulating the markets.

The Turkish government is working on this end, and I am sure they will figure out where the founder of the exchange is hiding. As per some other reports, the CEO has fleed to save his life or just not get arrested. He has blamed this entire situation on a hack that has happened a while back, and that is affecting the exchange. When investors came to know about this, they started to demand money which was something they couldn’t provide due to a liquidity problem.

Will users get their money?

There is a chance that the users will get their money back as reports suggest that the CEO will return to the country after that. As of now, it seems that the Turkey exchange has gone haywire with the entire market, and there is little to no hope of it getting back up again. The CEO says that his only goal is to repay his debt now, and after that, only he will come back and give himself to justice.


What are your thoughts on the CEO of the Turkish crypto exchange fleeing the country? And do you think that the users will get back their money? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

Also Read: Coinbase delisting stopped after submitting proper documents

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