Thodex founder Faruk Fatih Özer was found dead in prison.

The main character of the long-standing Thodex fraud case in Turkey, Faruk Fatih Özer, was found dead in Tekirdağ F-Type Prison. Özer, who was in a single-person cell, was discovered hanged in the bathroom early in the morning, causing great shock among cryptocurrency investors in the country. A probe has been initiated by prison authorities to determine whether the incident was a suicide or due to other reasons.

The Thodex platform, which was established in 2017, quickly reached hundreds of thousands of users and became one of the most popular cryptocurrency exchanges of its time. However, in 2021, when the platform was shut down, thousands of investors were unable to withdraw their funds, revealing a massive fraud scandal. Claims that approximately 2 billion dollars worth of investor assets were lost led to significant fluctuations in the market.

Faruk Fatih Özer fled to Albania in April 2021 after the events unfolded. His return to Turkey happened only in 2022, during which a red notice had been issued against him. After being extradited to Turkey, Özer was brought to court on charges of “establishing a criminal organization, qualified fraud, and money laundering.” The court sentenced Özer to a total of 11,196 years, 10 months, and 15 days in prison.

The investigation into the cause of death initiated by the authorities continues to determine the exact reason for the incident. The results of the autopsy and the prosecution's examination will provide the public with more information. Faruk Fatih Özer will remain in Turkey’s cryptocurrency history as a defendant in a massive fraud case, while also being remembered as one of the most controversial figures in the sector.