The founder of Thodex, one of Turkey’s largest cryptocurrency exchanges, has been extradited to Turkey and detained by police upon arrival in Istanbul. Faruk Fatih Özer, who was arrested in Albania last year after an Interpol red notice was issued against him, is facing charges of fraud and running a criminal organization. Özer fled to Albania after Thodex went offline, leaving more than 400,000 members without access to deposits worth $2 billion in cryptocurrencies.
The events surrounding Thodex have caused a stir in Turkey, where cryptocurrency has been used as a hedge against inflation. Özer’s brother, sister, and four other senior employees were jailed, and at least 83 people were detained as part of the investigation. The case has highlighted the risks associated with investing in unregulated markets, and has led to calls for greater oversight of the cryptocurrency industry.
Özer’s extradition was confirmed by state media aa.com on Thursday. It is not yet clear when he will face trial, but the charges against him carry a potential sentence of up to 75 years in prison. The case has attracted international attention, with experts warning that it could have implications for the wider cryptocurrency market.
Thodex was one of the largest cryptocurrency exchanges in Turkey, with more than 700,000 registered users. The sudden closure of the exchange last year caused panic among investors, many of whom had invested their life savings in the platform. The incident has raised questions about the security of cryptocurrency exchanges, and has led to calls for greater regulation of the industry.
Turkey has been a popular destination for cryptocurrency investors in recent years, with many turning to digital assets as a way of protecting their wealth against inflation. However, the government has been cracking down on the industry in recent months, with the central bank banning the use of cryptocurrencies for payments in April.
The move was criticized by many in the industry, who argued that it would stifle innovation and harm Turkey’s economy. However, the government has argued that the ban is necessary to protect consumers from fraud and other risks associated with cryptocurrency trading.
The Thodex case has highlighted the need for greater regulation of the industry, and has led to calls for the government to take action to protect investors. Many experts believe that the government should work with the industry to develop a regulatory framework that will provide greater protection for consumers, while also promoting innovation and growth.
In the meantime, investors in Turkey and around the world are watching the case closely, as it could have significant implications for the future of the cryptocurrency market. With billions of dollars at stake, the outcome of the trial could have far-reaching consequences for the industry, and for the millions of people who have invested in digital assets.
