Founder of Turkish cryptocurrency exchange arrested in Albania News
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Founder of Turkish cryptocurrency exchange arrested in Albania

The founder of Turkish cryptocurrency exchange Thodex was arrested in Albania Tuesday according to a press release from the Turkish Interior Ministry.

Faruk Fatih Ozer, the founder of Thodex, was apprehended in Vlora, Albania. The press release states that extradition proceedings “were initiated” by Interpol. Turkey had put Ozer on Interpol’s “Red Notice” which, according to Interpol, is a request to law enforcement worldwide “to locate and provisionally arrest a person pending extradition, surrender, or similar legal action”.

According to Interpol, Ozer is wanted by Turkish authorities for two charges stemming from his work with Thodex: “Establishing Organizations for the Purpose of Committing Crimes” and “Aggravated Fraud.” Thodex was Turkey’s first global cryptocurrency exchange. In April 2021, users of the exchange complained that their proceeds were not transferring to their accounts. After these complaints, Thodex announced it had closed operations for 3-5 days for “maintenance” against cyber attacks. In the following days, it was discovered that Ozer had fled Turkey, taking with him roughly $2 billion of investors’ money.

Previous reports claimed Turkish authorities seek over 40,000 years for parties involved in the “rug pull” by the cryptocurrency exchange and its founder.