Collapsed Turkish Crypto Exchange Thodex's CEO Faruk Özer Extradited, Arrested in Istanbul: Report

Özer was arrested in Albania in August last year after an Interpol red notice against him.

AccessTimeIconApr 20, 2023 at 9:49 a.m. UTC
Updated Apr 20, 2023 at 2:58 p.m. UTC

Faruk Fatih Özer, the founder of Thodex, one of Turkey's largest crypto exchanges, facing charges of fraud and running a criminal organization, has been extradited to Turkey and was detained by police upon arrival in Istanbul, state media reported on Thursday.

Özer was arrested in Albania in August after an Interpol red notice against him. Özer, the founder and CEO of Thodex, fled to Albania after his exchange suddenly went offline last year. More than 400,000 members were left in the dark without access to deposits of $2 billion in cryptocurrencies.

The events surrounding Thodex had created a stir in Turkey where crypto 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.

Edited by Parikshit Mishra.


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