Thodex CEO Faces Extradition From Albania Following The Arrest

According to a statement from Turkey’s Interior Ministry, Faruk Fatih Özer, CEO of the defunct Turkish crypto exchange Thodex, has been seized by law enforcement agents in Albania and faces extradition to Turkey.

Thodex was one of the country’s top cryptocurrency exchanges before abruptly ceasing operations in April 2021, resulting in the loss of cash for over 400,000 members. According to local reports, Özer fled the nation to Albania. Since then, Özer still lives there.

According to a Bloomberg story, Özer said in a statement made immediately after Thodex’s collapse that he considered giving up or committing suicide before fleeing the country to “stay alive and fight, work and repay my debts. The day I repay all my debt, I will return to my country and give myself to justice,” he stated.

Estimates of overall losses resulting from the Thodex outage vary greatly. According to Chainalysis, the cost is roughly $2.52 billion, accounting for 90% of the entire value lost globally to rug pulls in 2021. Meanwhile, an April 2022 indictment claims losses of over $24 million. As part of that case, a Turkish prosecutor has requested 40,564 years in prison for Özer and his associates.

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