Thodex
Turkish exchange Thodex halted trading in April 2021; CEO Faruk Fatih Özer fled, was extradited, sentenced to 11,196 years in 2023, and died in prison Nov 1, 2025. Losses disputed ($43M–$2.6B).
Thodex, then one of Turkey's largest cryptocurrency exchanges, abruptly halted trading and withdrawals in April 2021, locking out users — Turkish authorities put claimed users at roughly 390,000–400,000. Founder-CEO Faruk Fatih Özer flew to Albania on April 20, 2021 as the platform went dark, claiming the exchange had only paused to investigate a cyberattack. After an Interpol red notice, he was arrested in Albania on August 30, 2022 and extradited to Turkey in April 2023.
On September 7, 2023, an Istanbul high criminal court convicted Özer of aggravated fraud, leading a criminal organization, and money laundering, sentencing him to 11,196 years (prosecutors had sought up to ~40,564 years) plus a 135 million lira (~$5M) fine. His siblings Serap and Güven Özer received identical sentences among roughly 20 defendants.
Loss figures remain disputed. Chainalysis documented over $2 billion lost — nearly 90% of all 2021 rug-pull value, calling Thodex the biggest rug pull of the year — and some outlets cite $2.6 billion, while the Turkish prosecutor's indictment cited only 356 million lira (~$43 million at the time) and 2,027 formal complainants. The Chainalysis figure is the most-cited independent estimate; the court record reflects the far lower indictment figure.
Latest developments: on January 30, 2025 an appellate ruling split the case, ordering release on the organized-crime count while upholding detention on fraud, with appeals ongoing. On November 1, 2025, Özer was found hanged in an apparent suicide in his single cell at Tekirdağ F-Type High Security Prison, ending the appeal process against him.
Sources: [Chainalysis 2021 scam report](https://www.chainalysis.com/blog/2021-crypto-scam-revenues/) · [Decrypt on sentencing](https://decrypt.co/155522/thodex-ceo-gets-11000-year-jail-sentence-over-2b-crypto-exchange-collapse) · [Türkiye Today on Jan 2025 appeal ruling](https://www.turkiyetoday.com/turkiye/thodex-founder-granted-partial-release-in-2-billion-crypto-scam-case-113004) · [DL News on death in prison](https://www.dlnews.com/articles/people-culture/turkish-thodex-crypto-exchange-founder-faruk-fatih-ozer-dead/) · [Wikipedia: Faruk Fatih Özer](https://en.wikipedia.org/wiki/Faruk_Fatih_%C3%96zer)
**Official action:** Extradited from Albania Apr 2023; Istanbul court sentenced Özer and two siblings to 11,196 years each for fraud, money laundering, and leading a criminal organization (Sept 7, 2023); appeal pending at his death Nov 1, 2025
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