Hundreds of thousands of investors of Thodex are now fearing that Chief Executive Officer Faruk Fatih Ozer fled with billions of dollars worth of their investments, according to Bloomberg.

Turkey's Major Crypto Exchange In Shambles As Chief Flees Country
  • The Thodex website claimed that it gave out 4 million Dogecoins as part of its offering to new registrants in March, but a number of users have complained that they did not receive such.
  • Thodex’s lawyer Bedirhan Oguz Basibuyuk claimed to have no knowledge on Ozer’s whereabouts, but indicated that he is not in Turkey. Reports have indicated that Ozer was spotted in Istanbul.
  • A lawyer for the investors said some 390,000 users lost access to their money, with losses estimated at $2 billion.
  • In a statement posted on the Thodex website, Ozer said about 30,000 users were affected and he would repay them and return to Turkey to face charges after. He said contemplated suicide or to give himself up, but neither would help retrieve the assets of the company.
  • Another lawyer for Thodex users cited the need for regulation in the market as a crypto exchange can be established with just 50,000 liras or $6,000.
  • Senior Economic Adviser Cemil Ertem has called on immediate action, and said Turkey will “undoubtedly” carry out a regulation in line with its economy and global developments.