How Thodex Changed Turkey’s Approach to Crypto
The sudden death of Faruk Fatih Özer, founder of the collapsed Turkish crypto exchange Thodex, has once again drawn attention to the massive fraud that not only devastated investors but also triggered one of the most significant overhauls of crypto regulation in Turkey’s history.
Özer, who was serving an 11,000-year prison sentence for orchestrating a $2 billion exit scam, was found dead in his prison cell on Nov. 1, reportedly by suicide. His demise marks the end of a saga that permanently altered how Turkey treats digital assets.
When Thodex abruptly shut down in April 2021, hundreds of thousands of users lost access to their funds. The ensuing chaos forced Turkish authorities to act swiftly, recognizing the need…
