Interpol Red Notice Leads to Arrest of Crypto Exchange CEO – Here’s What You Need to Know

The founder and previous CEO of a now-defunct crypto trade, Thodex, has been extradited to Turkey and changed into detained by using police upon arrival in Istanbul.

Faruk Fatih Ozer, who based Thodex in 2017, turned into arrested in Albania ultimate year after an Interpol crimson observe towards him, in keeping with a Thursday file with the aid of country media AA.Com.

The report detailed that the plane sporting Ozer took off from the Albanian capital of Tirana inside the morning and landed at Istanbul Airport, where the Istanbul Airport Police Department took custody of Ozer.

The detained founder is anticipated to undergo health check-usaand then be taken to the Istanbul Police Department.

In April 2021, Thodex all at once halted trading, bringing up an unspecified partnership transaction.

Thodex said on its website it might be shut down for 4 to five days because of a sale manner underway. However, the platform’s customers commenced to grow involved once they were not able to get right of entry to their money owed or withdraw their money, main them to report court cases.

Subsequently, prosecutors in Turkey issued arrest warrants for 78 human beings concerned within the trade, of which 62 have been detained throughout the us of a.

The attempt became centered on Istanbul but stretched across eight provinces.

Abdullah Usame Ceran, the legal professional who filed a crook complaint against the platform’s founder, stated Thodex had 400,000 participants at the time, of which 390,000 were lively.

In August remaining 12 months, the Turkish Interior Ministry found out that Albanian police had arrested Fatih Ozer, and that the manner to extradite him to Turkey had started.

Ozer allegedly fled Turkey with as a minimum $2 billion well worth of cryptocurrency stolen from Thodex. He is sought on expenses of fraud and founding a crook business enterprise.

A red word become issued for Ozer in April 2021.

Crypto is Booming in Turkey Amid Soaring Inflation
The recognition of cryptocurrencies and blockchain generation in Turkey has seen a large upswing during the last couple of years.

There are as a minimum eight million people in Turkey engaged in crypto, in keeping with an estimate in a 2022 research document via the Turkish crypto trade Paribu.

The u . S .’s sky-high inflation and the steep devaluation of the lira have in addition promoted the adoption of virtual currencies.

In October final 12 months, Turkey’s inflation fee turned into 85.51%, the very best in the beyond 24 years.

“Crypto is essentially a savior for lots people right here both from a financial perspective and additionally from a mental attitude,” said Vidal Arditi, the Istanbul-based founder of Layka DAO and Lunapark Web3 Hub, inside the record.

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