Thodex Scandal Returns After Founder Found Dead in Prison
Faruk Fatih Özer, the founder of Turkey’s crypto exchange Thodex, was found dead in his prison cell, reigniting public attention on one of the country’s biggest fraud scandals.
According to Turkey’s national broadcaster TRT (Nov. 1 report), Özer was discovered hanging in his cell at the Tekirdağ No. 1 F-Type High-Security Prison. Authorities said he used a bedsheet tied to the bathroom door. His body has been sent for an autopsy, and an official investigation is underway.
Özer became famous as a young tech entrepreneur but later faced disgrace after Thodex collapsed in a massive fraud case. Prosecutors said the company, which started with only 400,000 liras, tricked investors with fake crypto transactions. In total, 21 people were charged — including Özer — with crimes such as fraud, money laundering, and running a criminal organization. Prosecutors demanded prison sentences of up to 40,000 years.
After fleeing to Albania in 2021, Özer was caught in August 2022 and sent back to Turkey in April 2023. In September 2023, a court sentenced him to over 11,000 years in prison.
Later, a higher court canceled part of that decision, removing the “criminal organization” charge but keeping him jailed for other crimes. His retrial was still ongoing when he died.
The case continues to raise concerns about how safe crypto investments are in Turkey, as public interest in digital assets keeps rising.
