A Hanging in the Crypt: Thodex Founder’s Demise Raises Uncertainty for Turkey’s Cryptocurrency Prospects
- Faruk Ozer, Thodex founder, was found hanged in his Turkish prison cell while serving an 11,196-year sentence for a $2.6B crypto fraud scheme. - Authorities suspect suicide, citing his prior flight to Albania, extradition, and public statements about fleeing to "stay alive" after the 2021 exchange collapse. - His case catalyzed Turkey's stricter crypto regulations, including enhanced licensing and oversight following public outrage over investor losses. - The prison faced prior human rights criticism for
Faruk Fatih Ozer, who established and previously led the now-defunct Turkish crypto exchange Thodex, was discovered deceased in his prison cell on November 1, 2025. At the time, he was serving a sentence of 11,196 years for masterminding what is regarded as one of the most significant cryptocurrency frauds ever, as reported by
Ozer’s legal saga, ending with his 2023 conviction for severe fraud, money laundering, and heading a criminal group, represented a turning point in Turkey’s stance on cryptocurrency oversight, according to
The facility where Ozer died has previously been criticized by human rights advocates for its use of solitary and small-group isolation, as noted in a past Bitcoinist report. Justice Minister Yılmaz Tunç announced that an inquiry into the circumstances of Ozer’s death is underway, stating that "early evidence points to suicide," according to
This case has had a lasting impact on Turkey’s cryptocurrency sector. Since then, authorities have introduced more rigorous licensing rules for exchanges and heightened monitoring of digital asset activities, the Yahoo report noted. The incident also highlights the dangers associated with unregulated crypto markets, especially for platforms operating in countries with limited oversight.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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