Thodex Founder’s Death in Prison Intensifies Worldwide Calls for Cryptocurrency Regulation
- Faruk Fatih Ozer, Thodex founder, died in prison on Nov 1, 2025, while serving an 11,196-year sentence for fraud and leading a criminal organization. - His death reignited scrutiny over Thodex's 2021 collapse, which left investors with $2.6B losses after Ozer allegedly embezzled $253.71M and fled to Albania. - Ozer's extradition in 2023 and record prison term highlighted risks of unregulated crypto exchanges, fueling global calls for stricter digital asset oversight. - Authorities investigate potential s
Faruk Fatih Ozer, who established and previously led the now-defunct Turkish crypto exchange Thodex, was discovered deceased in his jail cell on November 1, 2025. At the time, he was serving a prison term of 11,196 years for charges related to fraud and heading a criminal group, according to a
Thodex, launched in 2017 and once among Turkey’s leading crypto trading platforms, suddenly ceased operations in April 2021 following a marketing campaign that promised free
Following the exchange’s downfall, Ozer escaped to Albania, where he was apprehended in August 2022 on an Interpol alert. He was returned to Turkey in April 2023 and, by September 2023, was handed a sentence totaling 11,196 years, 10 months, and 15 days, along with a penalty of 135 million Turkish liras. This sentence, which combined multiple convictions for fraud and money laundering, stands as one of the lengthiest in Turkish history,
Ozer’s siblings and senior managers also received substantial prison terms, while 16 other accused individuals were cleared due to insufficient evidence. The case has become central to debates on tightening crypto oversight, with critics pointing out the dangers posed by unregulated platforms. Ozer’s demise has further fueled calls for stricter supervision both in Turkey and internationally, as regulators confront the challenges of instability and fraud within the digital currency industry.
The inquiry into Ozer’s death remains active, with officials considering suicide as a possible cause. The event has also spotlighted the conditions within prisons and the mental health of inmates facing extraordinarily long sentences, prompting wider discussions about how the justice system addresses major financial crime cases.
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