Thodex exchange users suspect huge crypto losses as CEO disappears
Users of Turkish cryptocurrency exchange Thodex suspect they have incurred huge losses. They are currently unable to access their funds. In addition, the head of the cryptocurrency exchange has been unreachable. He is also alleged to have fled the country.
Thodex exchange brace for massive losses
Traders and investors on the Thodex cryptocurrency exchange complained that they have been unable to access their investments. They filed a complaint alleging fraud, with their lawyer. The legal action claims hundreds of millions of dollars may have been stolen.According to Bloomberg, the CEO of the cryptocurrency exchange, Fatih Ozer, has so far been unreachable and is suspected of having fled the country. The lawyer, Oguz Evren Kilic, who represents an unspecified number of Thodex users, said that they filed a legal complaint yesterday.
He added that Thodex has more than 390,000 users, and that their assets worth hundreds of millions of dollars remain irretrievable. A prosecutor in Istanbul has launched an investigation after the legal complaint was filed.
Kilic said Thodex’s CEO fled the country yesterday evening in a commercial flight from Istanbul. Indeed, Ozer has yet to respond to numerous calls to his mobile phone. In addition, local news outlet Demiroren claims Ozer has gone to Albania. The news agency published an image of the CEO who was seen at the airport.
Turkey toughens stance on cryptocurrencies
The event has prompted rapid action from the authorities working to establish what happened to Ozer, Thodex, and the millions of dollars invested in the platform.This latest development comes a few days after Turkey banned the use of cryptocurrencies for buying goods and services. Authorities are calling for swift regulation of the crypto space. This will ensure incidences such as this one don’t happen again.
Cemil Ertem, a senior economic adviser to President Recep Tayyip Erdogan, told Bloomberg that the Turkish government is considering taking action as soon as possible. “Pyramid schemes are being established in this area. Turkey will undoubtedly carry out a regulation that’s in line with its economy but also by following global developments,” he added.
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