Exit scam in Turkey, 2 billion dollars evaporate in nature

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The weather is getting worse for crypto players in Turkey. We pack our bags and take everything, even customer funds. The founder of the exchange Thodex fled with the funds of users of the platform. A 2 billion exit-scam that will certainly inspire Turkish anti-crypto regulators.

Scam Alert

Thanks to the scammers: legitimizing the repression

The founder of the Turkish exchange Thodex, Faruk Fatih Ozer, allegedly fled the country with $ 2 billion in funds belonging to users of the platform.

Thodex had organized many promotional events, probably to increase the amount of deposits before the flight of its founder.

The exchange had even sold Dogecoins (DOGE) at a price below its market value. In return, the conditions of sale prohibited investors from immediately reselling their DOGEit already smelled like a scam, but the low cost does not lack followers.

Authorities posted a photo ofOzer passing passport control at the airportIstanbul. According to the media, he would have embarked for theAlbania or the Thailand.

The exchange closed on April 21, 2021. There was a message that the exchange was put on hold due to “undetermined outside investment.” Users of Thodex then expressed their concern on Twitter.

Many Turks have taken refuge in cryptos to protect themselves from lira inflation.

The central bank responded by recently banning crypto payments. The exit-scam ofOzer could be the opportunity for the Turkish regulatory authorities hostile to cryptocurrencies, to intensify the repressions against the latter.

Closure for investment

The victims filed a complaint with their local prosecutor’s office. Since most crypto exchanges are unregulated, many platform users are concerned that their funds will be lost.

Prosecutors have issued arrest warrants for 78 people. 62 of them were arrested in an operation covering 8 Turkish provinces.

Thodex issued a statement saying the charges against him are false. The exchange persists as the site is closed because banks and other partners had expressed interest in investing in Thodex.

Regulate without centralizing: the challenge always remains the same, and the cryptosphere has not yet succeeded in meeting it. Scammers like Ozer tarnish the image of cryptocurrencies and legitimize regulations against them. The United States could release its own regulations in a month. The USA copying the Turkish example: we will have seen everything in the name of defending the interests of a centralized monetary system and the dollar.

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Fashion is good, but blockchain is the future, we agree, right ?! It’s a great opportunity and an evolving sector! On a daily basis, my job is to try to popularize cryptos / blockchains as well as possible, which appear to be far too technical.


The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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