Ozer’s Death and Ongoing Investigation
Faruk Fatih Ozer, the founder of the now-defunct cryptocurrency exchange Thodex, was found dead in his prison cell in Turkey, according to reports from local media. Ozer, who had been serving an 11,196-year prison sentence for multiple financial crimes, was discovered hanging in the bathroom of his solitary confinement cell at the F-Type High Security Closed Prison in Tekirdag.
The incident occurred on November 1, and Bloomberg reported that initial findings suggest a possible suicide. Turkish Justice Minister Yilmaz Tunc confirmed that an official investigation is underway to determine the exact cause of death. Authorities are reviewing the circumstances surrounding the event and examining prison protocols to ensure transparency.
Background: The Rise and Fall of Thodex
Ozer’s story made international headlines after the dramatic collapse of Thodex in 2021. The exchange abruptly halted trading, and Ozer fled to Albania, triggering one of the largest financial scandals in Turkey’s crypto history. He was later extradited to Turkey in 2022 and convicted of aggravated fraud, money laundering, and operating a criminal organization.
Following Thodex’s failure, investor losses were estimated to range between $24 million and $2.6 billion, depending on varying reports. Ozer’s sentencing in 2023 became symbolic of Turkey’s growing crackdown on crypto-related crimes.
As of now, the global cryptocurrency market capitalization stands at approximately $3.66 trillion, reflecting the sector’s continued growth despite high-profile scandals like Thodex.
