In one of the most shocking crypto scams of the decade, Turkish exchange Thodex collapsed in 2021, taking $2 billion from 400,000 users. But in 2024, justice was served – with a sentence so harsh it made global headlines. Here’s how the scam unfolded, how the CEO was caught, and what victims can learn.
The Thodex Scam: A Masterclass in Deception
- The Promise: Thodex claimed to be Turkey’s “most secure” crypto exchange, offering high-yield returns.
- The Exit: In April 2021, the platform suddenly halted withdrawals, blaming a “cyberattack.” CEO Faruk Fatih Özer vanished overnight.
- The Aftermath: Over 400,000 users were locked out, with losses totaling $2 billion in Bitcoin and other assets.
The Hunt for the CEO
Özer fled to Albania, but international pressure mounted:
✔ Interpol issued a Red Notice
✔ Turkish authorities tracked his digital trail
✔ He was arrested in 2022, extradited, and put on trial
In September 2023, Özer was sentenced to a staggering 11,196 years in prison – a symbolic sentence reflecting the scale of his crimes.
What This Means for Crypto Scam Victims
1️⃣ Scammers Can Be Caught – Even across borders.
2️⃣ Exchanges Aren’t Always Safe – Always DYOR (Do Your Own Research).
3️⃣ Legal Action Works – Authorities do pursue crypto fraud.
Could You Recover Lost Funds?
While Thodex victims are still fighting for compensation, many crypto scams have recovery options through:
- Blockchain forensics
- Legal claims against exchanges
- Government restitution programs
If you’ve been scammed, act fast – time is critical.
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👉 Contact us for a free consultation on crypto scam recovery.