2 billion dollars fraud in Turkey: Founder of cryptocurrency trading platform flees the country

The founder of the Turkish cryptocurrency trading platform Thodex fled the country and the authorities suspect him of embezzling an estimated 2 billion dollars from investors,  Le Figaro writes.

Users of the platform went on panick mode on Wednesday after Thodex announced the suspension of trading for a period of four to five days period during which the 400,000 users of the platform could not withdraw their investments.

Thodex founder Faruk Fatih Ozer allegedly fled Turkey. He is wanted by the judiciary and is accused of aggravated fraud and the establishment of an organized criminal group.

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Faruk Fatih Ozer says, according to RFI, that he has been abroad for months for “talks with partners” and that he intends to return to Turkey “in a few days”. He claims that the Thodex site is inaccessible due to maintenance operations after “suspicious activities were detected” which could be a “cyber attack”.

With the Turkish lira steadily devaluing, many people have turned to cryptocurrencies to save their savings.

Recently, the Ankara authorities have issued numerous warning signals related to the cryptocurrency market. Last week, the Central Bank of Turkey banned the use of cryptocurrencies for the purchaseses of goods and services begining April 30.