Thodex
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anchored·5CLAmA…1wYvSummary
Thodex was a Turkish cryptocurrency exchange founded in 2017 (originally as Koineks) by Faruk Fatih Özer that collapsed in April 2021 when the platform abruptly halted trading and its founder fled to Albania, leaving approximately 391,000 users unable to access funds estimated at $2 billion to $2.6 billion. Özer was arrested in Albania in August 2022, extradited to Turkey in April 2023, convicted in September 2023 and sentenced to 11,196 years in prison alongside his two siblings, and died in a Turkish high-security prison on November 1, 2025, in circumstances that prompted a formal investigation.
Connected Entities
1 entity · 1 linked investigationConnected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- △Thodexexchangealso inFaruk Fatih Ozer·0
Timeline(16 events)
2017
Faruk Fatih Özer founds Koineks, the fourth cryptocurrency exchange in Turkey.
Thodex — Wikipedia20 April 2021
Thodex halts all trading and withdrawals; Faruk Fatih Özer departs Turkey for Tirana, Albania.
Daily Sabah: $2B crypto scam — Turkish exchange Thodex goes silent22 April 2021
Turkish public prosecutors open a formal investigation into Thodex following mass user complaints.
Thodex — Wikipedia23 April 2021
Interpol issues a Red Notice for Faruk Fatih Özer at Turkey's request.
Faruk Fatih Özer — WikipediaApril 2021
Turkish financial crimes investigators freeze all remaining Thodex assets. 62 people, including Özer's siblings, are detained in Turkey.
Thodex — Wikipedia30 April 2021
Central Bank of Turkey bans use of cryptocurrency as a payment method, citing risks highlighted by the Thodex collapse.
Fortune: Trouble in Turkey as crypto falls foul of local lawsSeptember 2021
Turkish authorities issue arrest warrants for Özer and 81 other individuals connected to Thodex.
Thodex — WikipediaOctober 2021
Turkey is placed on FATF's grey list for weaknesses in AML/CTF compliance.
ComplyCube: What Do Turkey Crypto Regulations Look Like?June 2022
Turkey is removed from the FATF grey list after implementing improved AML/CTF frameworks.
ComplyCube: What Do Turkey Crypto Regulations Look Like?30 August 2022
Albanian police arrest Özer in the coastal town of Himarë in an operation code-named 'Brain.'
The National News: Police arrest fugitive Turkish crypto fraud suspect in Albania17 November 2022
The Elbasan Court of First Instance in Albania grants Turkey's extradition request for Özer.
CoinDesk: Founder of Crypto Exchange Thodex to Be Extradited to Turkey from Albania30 December 2022
The Durrës Court of Appeals upholds the extradition verdict after Özer's appeal.
CoinDesk: Founder of Crypto Exchange Thodex to Be Extradited to Turkey from Albania20 April 2023
Özer is extradited to Turkey and detained in Istanbul, exactly two years after the Thodex shutdown.
CoinDesk: Collapsed Turkish Crypto Exchange Thodex's CEO Faruk Özer Extradited, Arrested in Istanbul7 September 2023
Istanbul court convicts Özer on charges of aggravated fraud, leading a criminal organization, and money laundering. He is sentenced to 11,196 years, ten months, and fifteen days in prison and fined 135 million Turkish liras. His siblings receive similar sentences.
CoinDesk: 11,196 Years in Prison for Faruk ÖzerNovember 2025
Özer is found dead in his cell at Tekirdağ F Type High Security Closed Penitentiary. Authorities report the apparent cause as hanging. Prosecutors open an investigation into the circumstances of his death.
Turkish Minute: CEO of collapsed crypto exchange Thodex found dead in Turkish prisonDecision Log
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This investigation is cryptographically anchored to the Solana blockchain (5 events). 23 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/8/2026, 2:31:32 AM
last updated: 7/26/2026, 10:16:21 PM
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