Thodex crypto exchange CEO found dead in Turkish prison
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Faruk Fatih Özer, the former chief executive of collapsed Turkish crypto exchange Thodex, was found dead in a high-security prison in Turkey. Authorities have opened an investigation; no cause of death was immediately disclosed.
Crypto enthusiasts will remember Özer as the face of one of crypto’s most notorious exchange failures. Thodex imploded in April 2021 after halting withdrawals, stranding hundreds of thousands of customers and prompting Interpol alerts as the 27-year-old founder fled to Albania. He was extradited to Turkey in April 2023 and, in September that year, received a sentence of 11,196 years for fraud and related offenses, one of the longest terms ever handed down in the country. The GNcrypto editorial team informed readers on September 8.
Loss estimates from the shutdown vary by source and method. A prosecutor’s initial indictment put investor losses near $24 million, while Turkish media carried figures up to $2 billion; Chainalysis later estimated $2.6 billion when tallying frozen balances and on-chain flows linked to Thodex.
The Thodex estate and associated criminal cases became a byword for the 2021–2022 exchange-risk era, alongside global actions targeting opaque offshore venues and mixer-driven cash-out paths. Investigators traced funds across multiple chains and services as authorities in Turkey and abroad worked to unwind the damage.
Loss estimates from the shutdown vary by source and method. A prosecutor’s initial indictment put investor losses near $24 million, while Turkish media carried figures up to $2 billion; Chainalysis later estimated $2.6 billion when tallying frozen balances and on-chain flows linked to Thodex.
The Thodex estate and associated criminal cases became a byword for the 2021–2022 exchange-risk era, alongside global actions targeting opaque offshore venues and mixer-driven cash-out paths. Investigators traced funds across multiple chains and services as authorities in Turkey and abroad worked to unwind the damage.
The reported death occurred at the Tekirdağ F-Type High Security Penitentiary, where Özer had been held following his conviction. Officials have begun formal inquiries; further details were not available at publication time.
Özer’s story also resonated beyond Turkey’s borders because of the scale of the alleged take and the youth of the executive at the center of it. Profiles over the past two years tracked his escape, arrest, extradition and courtroom posture, and documented how the collapse affected public trust in local crypto markets already battered by macro volatility and currency depreciation. The reported death closes a dramatic chapter but leaves open the longer grind of asset recovery and individual claims.
Özer’s story also resonated beyond Turkey’s borders because of the scale of the alleged take and the youth of the executive at the center of it. Profiles over the past two years tracked his escape, arrest, extradition and courtroom posture, and documented how the collapse affected public trust in local crypto markets already battered by macro volatility and currency depreciation. The reported death closes a dramatic chapter but leaves open the longer grind of asset recovery and individual claims.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
