{"investigation":{"slug":"faruk-fatih-ozer","entity_name":"Faruk Fatih Ozer","trust_score":2,"severity_base":null,"score_modifier":0,"confidence":0.97,"status":"published","content_type":"investigation","summary":"Faruk Fatih Ozer is the Turkish founder and CEO of Thodex, a cryptocurrency exchange that collapsed in April 2021 after he fled to Albania, leaving approximately 391,000 users unable to access an estimated $2 billion in funds. He was arrested in Albania in August 2022, extradited to Turkey in April 2023, and sentenced on September 7, 2023 to 11,196 years, 10 months, and 15 days in prison on charges of aggravated fraud, founding a criminal organization, and money laundering. He was found dead in Tekirdag F-Type High Security Prison on November 1, 2025, with Turkish authorities indicating initial findings pointed to suicide.","sections":[{"content":"Faruk Fatih Ozer, born in 1993 or 1994, dropped out of high school before founding the Thodex cryptocurrency exchange in Istanbul in 2017. Thodex grew to become one of Turkey's largest retail crypto trading platforms, serving hundreds of thousands of users. Ozer cultivated a public profile in Turkey and was photographed with political figures, lending him an air of legitimacy. He operated the exchange alongside his siblings, Serap Ozer and Guven Ozer, who were later convicted as co-defendants.","heading":"Background and Thodex Founding","sources":[{"url":"https://en.wikipedia.org/wiki/Faruk_Fatih_%C3%96zer","name":"en.wikipedia.org","type":"other","credibility":3},{"url":"https://fortune.com/crypto/2023/09/08/founder-thodex-crypto-exchange-faruk-fatih-ozer-went-bust-11000-year-prison-term-fraud/","name":"fortune.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/09/08/11196-years-in-prison-for-faruk-ozer-ceo-of-collapsed-turkish-crypto-exchange-thodex","name":"coindesk.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On approximately April 20-22, 2021, Thodex halted all withdrawals and trading, citing an alleged 'abnormal fluctuation in company accounts.' Ozer shut down his social media profiles and boarded a flight to Albania before the suspension became public knowledge. Turkish authorities and affected users quickly identified the closure as an exit scam. The exchange had approximately 391,000 registered users, and prosecutors alleged that approximately $2 billion in user cryptocurrency funds became inaccessible. The incident accounted for an estimated 85 percent of all reported cryptocurrency losses globally in 2021. Istanbul's chief prosecutor launched a probe, and police executed raids across eight Turkish provinces seeking 78 suspects in connection with the fraud.","heading":"Exchange Collapse and Flight (April 2021)","sources":[{"url":"https://www.cnbc.com/2021/04/23/bitcoin-btc-ceo-of-turkish-cryptocurrency-exchange-thodex-missing.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://www.aljazeera.com/economy/2021/4/23/turkey-crypto-exchange-probe-62-arrested-ceo-on-the-run","name":"aljazeera.com","type":"other","credibility":3},{"url":"https://www.occrp.org/en/news/turkey-arrests-68-for-cryptocurrency-fraud-leader-flees-to-albania","name":"occrp.org","type":"other","credibility":3},{"url":"https://en.wikipedia.org/wiki/Thodex","name":"en.wikipedia.org","type":"other","credibility":3}],"severity":"medium"},{"content":"Turkey's Financial Crimes Investigation Board (MASAK) launched a formal investigation and blocked Thodex's remaining accounts. Turkish police conducted coordinated raids across eight provinces, ultimately detaining more than 83 people in connection with the fraud. Ozer's siblings, Guven Ozer and Serap Ozer, were among the six individuals formally arrested in the initial sweep, along with senior company employees. An Interpol Red Notice was issued for Faruk Fatih Ozer on April 23, 2021. The Thodex collapse directly catalyzed new Turkish legislation, prompting the Capital Markets Board and MASAK to update anti-money laundering and counter-terrorism financing regulations to explicitly cover digital assets.","heading":"Regulatory Response and Domestic Arrests","sources":[{"url":"https://thepaypers.com/crypto-web3-and-cbdc/news/turkish-crypto-exchange-thodex-investigated-over-alleged-usd-2-billion-fraud","name":"thepaypers.com","type":"other","credibility":3},{"url":"https://www.dailysabah.com/business/finance/turkey-arrests-6-over-thodex-crypto-scam-including-ceos-siblings","name":"dailysabah.com","type":"other","credibility":3},{"url":"https://www.occrp.org/en/news/turkey-arrests-68-for-cryptocurrency-fraud-leader-flees-to-albania","name":"occrp.org","type":"other","credibility":3},{"url":"https://www.bankinfosecurity.com/turkish-police-probe-thodex-cryptocurrency-exchange-a-16455","name":"bankinfosecurity.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Ozer evaded capture for approximately 16 months before Albanian authorities arrested him on August 30, 2022. He was extradited to Turkey in April 2023 to face criminal prosecution. The extradition followed sustained diplomatic and law enforcement cooperation between Turkey and Albania, underpinned by the standing Interpol Red Notice. His return to Turkey allowed the Istanbul prosecutor's office to proceed with the full criminal trial.","heading":"Arrest in Albania and Extradition","sources":[{"url":"https://coingeek.com/thodex-exchange-founder-extradited-to-turkey-faces-criminal-charges/","name":"coingeek.com","type":"other","credibility":3},{"url":"https://en.wikipedia.org/wiki/Faruk_Fatih_%C3%96zer","name":"en.wikipedia.org","type":"other","credibility":3},{"url":"https://www.koha.net/en/bote/u-arrestua-ne-shqiperi-bosi-i-kriptomonedhave-denohet-me-mbi-11-mije-vjet-burgim","name":"koha.net","type":"other","credibility":3}],"severity":"medium"},{"content":"The trial was heard before the Anatolian 9th Heavy Penal Court in Istanbul and involved 21 defendants in total. On September 7, 2023, the court convicted Faruk Fatih Ozer, his sister Serap Ozer, and his brother Guven Ozer, each receiving an identical sentence of 11,196 years, 10 months, and 15 days in prison. The court also imposed a judicial fine of 135 million Turkish liras (approximately $5 million USD) on each sibling. Ozer faced 2,027 individual charges, one corresponding to each victim identified by prosecutors. He was convicted on charges of establishing and managing an organization for committing crimes, aggravated fraud using information systems as a tool, fraud targeting merchants and company executives, and money laundering from crime proceeds. Sixteen of the 21 defendants were acquitted due to insufficient evidence; four jailed defendants were released. The sentence, while symbolic in magnitude under Turkish law's aggregated-sentencing convention, carried a practical maximum of 7.5 years actually served under Turkish penal provisions in effect at the time.","heading":"Criminal Trial and Sentencing","sources":[{"url":"https://www.coindesk.com/policy/2023/09/08/11196-years-in-prison-for-faruk-ozer-ceo-of-collapsed-turkish-crypto-exchange-thodex","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.financemagnates.com/cryptocurrency/turkish-court-imposes-11196-year-sentence-on-former-thodex-ceo/","name":"financemagnates.com","type":"other","credibility":3},{"url":"https://decrypt.co/155522/thodex-ceo-gets-11000-year-jail-sentence-over-2b-crypto-exchange-collapse","name":"decrypt.co","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2023-09-08/turkish-crypto-boss-sentenced-to-over-11-000-years-in-prison","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://cryptopotato.com/thodex-founder-faruk-ozer-and-his-siblings-sentenced-to-11196-years-in-prison-report/","name":"cryptopotato.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Ozer was found dead in his single-person cell at Tekirdag F-Type High Security Closed Prison on November 1, 2025. Turkish Justice Minister Yilmaz Tunc stated that initial findings indicated suicide, describing Ozer as having hanged himself in his bathroom during a routine inspection. An official investigation was opened to determine the exact cause and circumstances of death. Bloomberg reported that Ozer had reportedly isolated himself in the period leading up to his death. His death means the full whereabouts and disposition of the alleged $2 billion in misappropriated user funds remain unconfirmed, as Ozer never publicly disclosed what happened to the assets.","heading":"Death in Prison","sources":[{"url":"https://turkishminute.com/2025/11/01/ceo-of-collapsed-crypto-exchange-thodex-found-dead-in-turkish-prison/","name":"turkishminute.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/377170/ceo-of-collapsed-thodex-exchange-found-dead-in-turkish-prison-while-serving-11196-year-sentence-report","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.dlnews.com/articles/people-culture/turkish-thodex-crypto-exchange-founder-faruk-fatih-ozer-dead/","name":"dlnews.com","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2025-11-03/turkish-crypto-boss-isolated-himself-before-death-in-prison","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://cryptonews.com/news/thodex-founder-faruk-fatih-ozer-found-dead-in-turkish-prison-while-serving-11000-year-sentence/","name":"cryptonews.com","type":"other","credibility":3}],"severity":"medium"},{"content":"As of the time of reporting, no significant recovery of the alleged $2 billion in user funds has been publicly confirmed. Turkish authorities seized Thodex's remaining domestic accounts and assets, but prosecutors have not disclosed how much was recovered relative to the total alleged loss. Victims' advocates noted after Ozer's death that the secrets of where the funds were transferred may now be unrecoverable. The scale of the alleged fraud made Thodex one of the largest exit scams in the history of cryptocurrency.","heading":"Asset Recovery and Victim Restitution","sources":[{"url":"https://cointeeth.com/news/thodex-founder-found-dead-in-prison-taking-billions-in","name":"cointeeth.com","type":"other","credibility":3},{"url":"https://coinlaw.io/thodex-founder-dead-crypto-prison/","name":"coinlaw.io","type":"other","credibility":3},{"url":"https://cryptonewsland.com/thodex-founder-faruk-fatih-ozer-found-dead-in/","name":"cryptonewsland.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2017","event":"Faruk Fatih Ozer founds Thodex cryptocurrency exchange in Istanbul, Turkey.","source":"","date_original":"2017-01-01"},{"date":"2021-04-20","event":"Ozer shuts down his social media profiles and boards a flight to Albania as Thodex prepares to halt operations.","source":""},{"date":"2021-04-22","event":"Thodex goes fully offline; 391,000 users are unable to access approximately $2 billion in cryptocurrency funds.","source":""},{"date":"2021-04-23","event":"Interpol issues a Red Notice for Ozer. Istanbul's chief prosecutor launches a formal fraud investigation. Police raid Thodex headquarters and conduct sweeps across eight provinces, detaining 62 suspects.","source":""},{"date":"2021-04-25","event":"Turkey's MASAK (Financial Crimes Investigation Board) blocks Thodex's accounts. Six individuals including Ozer's siblings Guven and Serap Ozer are formally arrested.","source":""},{"date":"2022-08-30","event":"Albanian authorities arrest Faruk Fatih Ozer following the Interpol Red Notice, ending his approximately 16-month flight.","source":""},{"date":"2023-04","event":"Ozer is extradited from Albania to Turkey to stand trial on fraud, money laundering, and criminal organization charges.","source":"","date_original":"2023-04-01"},{"date":"2023-09-07","event":"The Anatolian 9th Heavy Penal Court sentences Ozer, and his siblings Serap and Guven Ozer, to 11,196 years, 10 months, and 15 days in prison each, plus a fine of 135 million Turkish liras (~$5 million). He is convicted on 2,027 counts.","source":""},{"date":"2025-11","event":"Ozer is found dead in his single-person cell at Tekirdag F-Type High Security Prison. Turkish Justice Minister states initial findings indicate suicide. An official investigation is opened.","source":"","date_original":"2025-11-01"}],"sources_used":[{"url":"https://en.wikipedia.org/wiki/Faruk_Fatih_%C3%96zer","name":"en.wikipedia.org","type":"other","credibility":3},{"url":"https://fortune.com/crypto/2023/09/08/founder-thodex-crypto-exchange-faruk-fatih-ozer-went-bust-11000-year-prison-term-fraud/","name":"fortune.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/09/08/11196-years-in-prison-for-faruk-ozer-ceo-of-collapsed-turkish-crypto-exchange-thodex","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.cnbc.com/2021/04/23/bitcoin-btc-ceo-of-turkish-cryptocurrency-exchange-thodex-missing.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://www.aljazeera.com/economy/2021/4/23/turkey-crypto-exchange-probe-62-arrested-ceo-on-the-run","name":"aljazeera.com","type":"other","credibility":3},{"url":"https://www.occrp.org/en/news/turkey-arrests-68-for-cryptocurrency-fraud-leader-flees-to-albania","name":"occrp.org","type":"other","credibility":3},{"url":"https://en.wikipedia.org/wiki/Thodex","name":"en.wikipedia.org","type":"other","credibility":3},{"url":"https://thepaypers.com/crypto-web3-and-cbdc/news/turkish-crypto-exchange-thodex-investigated-over-alleged-usd-2-billion-fraud","name":"thepaypers.com","type":"other","credibility":3},{"url":"https://www.dailysabah.com/business/finance/turkey-arrests-6-over-thodex-crypto-scam-including-ceos-siblings","name":"dailysabah.com","type":"other","credibility":3},{"url":"https://www.bankinfosecurity.com/turkish-police-probe-thodex-cryptocurrency-exchange-a-16455","name":"bankinfosecurity.com","type":"other","credibility":3},{"url":"https://coingeek.com/thodex-exchange-founder-extradited-to-turkey-faces-criminal-charges/","name":"coingeek.com","type":"other","credibility":3},{"url":"https://www.koha.net/en/bote/u-arrestua-ne-shqiperi-bosi-i-kriptomonedhave-denohet-me-mbi-11-mije-vjet-burgim","name":"koha.net","type":"other","credibility":3},{"url":"https://www.financemagnates.com/cryptocurrency/turkish-court-imposes-11196-year-sentence-on-former-thodex-ceo/","name":"financemagnates.com","type":"other","credibility":3},{"url":"https://decrypt.co/155522/thodex-ceo-gets-11000-year-jail-sentence-over-2b-crypto-exchange-collapse","name":"decrypt.co","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2023-09-08/turkish-crypto-boss-sentenced-to-over-11-000-years-in-prison","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://cryptopotato.com/thodex-founder-faruk-ozer-and-his-siblings-sentenced-to-11196-years-in-prison-report/","name":"cryptopotato.com","type":"other","credibility":3},{"url":"https://turkishminute.com/2025/11/01/ceo-of-collapsed-crypto-exchange-thodex-found-dead-in-turkish-prison/","name":"turkishminute.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/377170/ceo-of-collapsed-thodex-exchange-found-dead-in-turkish-prison-while-serving-11196-year-sentence-report","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.dlnews.com/articles/people-culture/turkish-thodex-crypto-exchange-founder-faruk-fatih-ozer-dead/","name":"dlnews.com","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2025-11-03/turkish-crypto-boss-isolated-himself-before-death-in-prison","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://cryptonews.com/news/thodex-founder-faruk-fatih-ozer-found-dead-in-turkish-prison-while-serving-11000-year-sentence/","name":"cryptonews.com","type":"other","credibility":3},{"url":"https://cointeeth.com/news/thodex-founder-found-dead-in-prison-taking-billions-in","name":"cointeeth.com","type":"other","credibility":3},{"url":"https://coinlaw.io/thodex-founder-dead-crypto-prison/","name":"coinlaw.io","type":"other","credibility":3},{"url":"https://cryptonewsland.com/thodex-founder-faruk-fatih-ozer-found-dead-in/","name":"cryptonewsland.com","type":"other","credibility":3}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-sonnet-4-6","created_at":"2026-05-30T18:25:14.356294+00:00","updated_at":"2026-08-29T01:35:14.128+00:00"}}