Summary of Key Events
- •Thodex founder Faruk Fatih Ozer found dead inside a Turkish prison.
- •Authorities are investigating the death, with initial suspicions pointing towards suicide.
- •Ozer's case highlights the risks associated with cryptocurrency fraud and the potential mental strain within prison environments.
Discovery and Initial Findings
Faruk Fatih Ozer, the founder and former CEO of the cryptocurrency exchange Thodex, has been found dead in his prison cell, according to local media reports. Authorities discovered Ozer hanging in the bathroom of his single-person cell at the Tekirdağ F-Type High Security Closed Prison, where he was serving an extensive 11,196-year sentence for multiple financial crimes.
Justice Minister Yılmaz Tunç confirmed that an investigation into his death has been launched. He explained that initial findings suggest suicide, but the final cause will be determined after a detailed probe. The prison, known for its high-security measures and isolation practices, has faced criticism from human rights groups for years.
A Fall from Crypto Fame to Scandal and Sentence
Ozer founded Thodex in 2017 and quickly positioned it among Turkey’s largest cryptocurrency exchanges. However, the platform abruptly collapsed in April 2021, leaving more than 400,000 users with losses estimated at $2.6 billion, according to a Chainalysis report from that year. The sudden shutdown triggered one of the biggest financial scandals in Turkey’s crypto history.
Following the collapse, Ozer fled to Albania, where he stayed for over a year before being arrested in August 2022. He was extradited to Turkey and later convicted in 2023, along with his brother and sister, for aggravated fraud, money laundering, and leading a criminal organization.
Public Reaction and Ongoing Investigation
Ozer’s death has reignited debate over prison conditions and mental health support in Turkish detention centers. His earlier statements revealed that he once contemplated suicide or surrendering to authorities before escaping Turkey to “stay alive and repay debts.”
Authorities emphasized that the investigation will continue to uncover the full circumstances of his death. Meanwhile, the incident marks another grim chapter in the Thodex saga, which continues to serve as a cautionary tale for both regulators and crypto investors across the region.