Thodex
A Turkish exchange that abruptly halted withdrawals in April 2021 as founder Faruk Fatih Özer fled abroad. Loss estimates are disputed (the indictment cited ~$43M; media reported up to ~$2B). Özer was sentenced to 11,196 years in 2023.
Also known as: Thodex, Faruk Fatih Ozer, Faruk Fatih Özer
Summary
Thodex was one of Turkey's largest cryptocurrency exchanges before it abruptly stopped allowing withdrawals in April 2021. Founder Faruk Fatih Özer left the country, and hundreds of thousands of users were left unable to access funds. [1][2]
Disputed loss figures
Loss estimates vary widely. The BBC reported that the prosecutor's indictment estimated investor losses at 356 million lira (about $43 million at the time), while media outlets reported Özer had fled with assets reported at up to about $2 billion. [1][2]
Outcome
Özer was arrested in Albania, extradited to Turkey, and in September 2023 sentenced — along with two siblings — to 11,196 years in prison for fraud, money laundering, and leading a criminal organization. [1][2]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (2)
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.