What happened to Turkey's largest cryptocurrency exchange?

Follow us @crypto for our full coverage. One of Turkey’s largest cryptocurrency exchanges said it lacked the financial strength to continue operations, leaving hundreds of thousands of investors fearing their savings have evaporated as authorities sought to locate the company’s 27-year-old founder, who fled the country.

Did Turkish prosecutors investigate a cryptocurrency founder who shut down a site?

(AFP: Demiroren News Agency) Turkish prosecutors have opened an investigation after the Istanbul-based founder of a cryptocurrency exchange shut down his site and fled the country with a reported $US2 billion ($2.6 billion) in investors' assets.

How much did thodex lose in 2021?

According to Chainalysis, the value of cryptocurrency lost at Thodex earlier this year was $2.6 billion, making it the largest “rug pull” of 2021. Faruk Fatih Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has been extradited from Albania to Turkey to face charges of fraud and money laundering.

What happened to thodex?

Thodex abruptly stopped operations about two years ago, leaving tens of thousands of customers with losses. Ozer had disappeared following the collapse of the platform, but was arrested in Albania in August 2022 after Turkey issued an Interpol red notice against him.