Faruk Fatih Ozer, the founder and former CEO of failed Turkish crypto exchange Thodex, has been found dead in his single-person cell at the Tekirdag F-Type High Security Closed Prison.
Key Takeaways:
- Thodex founder Faruk Fatih Ozer was found dead in his prison cell while serving an 11,196-year sentence.
- Ozer’s death ends one of Türkiye’s largest crypto scandals, involving the loss of over ₺356 million ($12.5 million) in investor funds.
- Authorities have launched an investigation as his case continues to shape Türkiye’s tightening stance on crypto regulation.
Authorities said Ozer was discovered hanging in his bathroom during an inspection, with early reports pointing to suicide as the likely cause, according to a recent report by local news outlet Türkiye Today.
Thodex Founder Was Serving 11,196-Year Sentence
Ozer had been serving a historic sentence of 11,196 years, 10 months, and 15 days after being convicted of multiple charges, including establishing and leading a criminal organization, aggravated fraud, and money laundering.
His siblings, Guven and Serap Ozer, were convicted on similar charges and received identical sentences.
The case remains one of Türkiye’s largest crypto-related fraud scandals.
Founded in 2017, Thodex once ranked among the country’s leading crypto exchanges before abruptly halting operations in April 2021, citing a “temporary suspension.”
Shortly after, Ozer fled to Albania, allegedly taking investors’ funds with him.
He was arrested in Albania in August 2022 following an international manhunt and extradited to Türkiye in April 2023.
Prosecutors accused him of defrauding over 400,000 investors, alleging that ₺253.7 million ($8.9 million) worth of crypto assets were transferred to wallets controlled by Ozer and his associates, including accounts in Malta.
The Financial Crimes Investigation Board (MASAK) reported that total damages reached ₺356 million ($12.5 million). Thodex’s collapse triggered widespread outrage, marking a turning point for Türkiye’s crypto oversight and leading to calls for tighter regulation of the industry.
In the indictment prepared by the Anadolu Chief Public Prosecutor’s Office, authorities outlined how Thodex lured users with promotions before abruptly freezing withdrawals.
Twenty-one defendants were tried in the case, seven of whom were detained, while sixteen were acquitted for lack of evidence.
Ozer’s death brings a grim end to a saga that shook Türkiye’s crypto landscape and left thousands of investors without recourse.
Officials have launched a formal investigation into the circumstances surrounding his death.
Turkey Tops MENA Crypto Market With $200B in Annual Transactions
As reported, Turkey has cemented its position as the largest cryptocurrency market in the Middle East and North Africa, recording nearly $200 billion in annual transactions, according to new data from Chainalysis.
The figure is roughly four times that of the United Arab Emirates, which ranked second with $53 billion. Analysts say much of Turkey’s activity remains driven by short-term trading rather than long-term adoption.
The Chainalysis 2025 Crypto Adoption Report highlights how crypto has become both a financial refuge and a speculative outlet for Turks facing high inflation and a weakening lira.
Since 2021, Turkey’s total inflows have exceeded $878 billion, making it one of the world’s most active markets.
Despite this growth, retail participation is cooling, with small and large retail transactions declining slightly as institutional investors dominate.
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