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Thodex Bitcoin ($ BTC) cryptocurrency investors fear losses as missing CEO

By on April 22, 2021 0

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Unable to recover their investments, users of Turkish crypto exchange Thodex have filed a fraud complaint, their lawyer claiming hundreds of millions of dollars may have been stolen. The person responsible for the exchange was inaccessible and reportedly fled the country.

“We filed a legal complaint on Wednesday,” said Oguz Evren Kilic, who represents an unknown number of Thodex users, on Thursday. With an active user count of around 390,000, assets that remain “sunk” can be worth hundreds of millions of dollars, he said. An Istanbul prosecutor has opened an investigation, the state agency Anadolu reported.

Kilic alleged that Faruk Fatih Ozer, CEO and founder of Thodex, fled the country on Wednesday evening via a commercial flight from Istanbul. Ozer did not answer several calls on his cell phone. Demiroren news agency said he had gone to Albania, editing what he was saying was a photo of Ozer at the airport.

As authorities and customers try to work out the details of what happened to Ozer, Thodex, and the money invested in them, officials are calling for swift regulation of the crypto market. A surge in digital token prices has been accompanied by convictions around the world for crypto platform scams as well as speculation that authorities will seek tighter controls.

The Turkish government should act “as soon as possible,” Cemil Ertem, senior economic adviser to President Recep Tayyip Erdogan, told Bloomberg on Thursday. “Pyramid schemes are being created in this area. Turkey will undoubtedly carry out regulations in line with its economy but also in keeping with global developments. “

Dogecoin campaign

Thodex announced a campaign to boost users in mid-March, claiming it would distribute millions of Dogecoins to new registrants. Its website says 4 million Dogecoins were distributed, although many people have taken to social media to complain that they never received them.

Crypto users bicker after Turkish exchange abruptly goes silent

The suspension of trading on the stock market is due to “a partnership offer,” the company said in a statement on its website, without giving details. Services will remain closed for “about four to five business days” while a stake sale is complete and users don’t have to worry about their investments, he said.

(Updates with the story of the Demiroren news agency in the third paragraph.)