Former CEO of Turkish crypto exchange Thodex dies in prison after being sentenced to 11,000 years for a $2 billion scam

Jinse Finance reported, citing Cointelegraph, that Faruk Fatih Özer, the former CEO of Turkish cryptocurrency exchange Thodex, was found dead in prison on November 1, with preliminary investigations indicating a possible suicide. Özer was sentenced in 2023 to 11,196 years in prison for orchestrating a $2 billion cryptocurrency exit scam. In April 2021, Thodex suddenly suspended trading and withdrawal functions, after which Özer fled overseas. After more than a year on the run, he was arrested in Albania in August 2022 and extradited back to Turkey in April 2023. This case prompted the Turkish government to strengthen regulation of the cryptocurrency industry, including banning crypto payments and implementing new investor protection measures, which indirectly boosted the adoption and trading activity of cryptocurrencies locally.