Turkish authorities arrest 62 people in connection to Thodex fraud
The Turkish police have arrested people in connection to the Thodex cryptocurrency exchange fraud. The crypto exchange was alleged to have defrauded investors, with the CEO running away with over $2 billion.
62 people arrested in connection to Thodex exchange
Turkish authorities swung into action hours after a formal complaint was lodged against the Thodex cryptocurrency exchange. The police have so far arrested 62 people as part of an investigation into the activities of the trading platform.According to Associated Press, the police have arrested 62 people and issued warrants for 16 more linked to the cryptocurrency exchange. This latest development comes after the Istanbul’s chief prosecutor’s office announced yesterday it was investigating Thodex following complaints from traders and investors who could not access their assets.
Cryptonary reported yesterday that thousands of Thodex users have complained they couldn’t gain access to their accounts and retrieve their funds. They hired a lawyer to file a formal complaint against Thodex CEO, Fatih Ozer.
Ozer has left the country and is presently in Albania. He denied the charges in a statement on Twitter. According to him, the cryptocurrency exchange is being targeted by a smear campaign. He explained that they had to temporarily shut down trading due to a cyberattack that led to unusual activity from the accounts.
Ozer further claimed the allegations that funds were missing were false. “The justice ministry said it was seeking Ozer’s extradition from Albania, according to Anadolu, after Turkish media reports said he had left the country earlier this week. Ozer confirmed he was abroad but claimed the trip was to meet foreign investors,” the report added.
Turkey comes down hard on cryptocurrencies
Last week, the Turkish central bank banned the use of cryptocurrencies in payment for goods and services. The apex bank says that cryptocurrencies present “irrevocable” risks, and that the government must protect its citizens.Crypto exchanges and service providers are still operating in Turkey. However, authorities are calling for tighter crypto regulations in Turkey following the Thodex fraud case. It will be interesting to see if the government rolls out any regulations in the coming months.
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