Defunct Crypto Exchange Thodex CEO Found Dead In Prison Cell — Report

Faruk Fatih Ozer, founding father of the now-defunct Thodex change, was discovered useless in his jail cell whereas serving his sentence in Turkey, in line with native media experiences. The previous change CEO was sentenced in 2023 to 11,196 years in jail for numerous monetary crimes.

Thodex CEO Would possibly Have Dedicated Suicide: Turkish Minister 

On Saturday, November 1, Bloomberg reported that Ozer died in his jail cell within the F-Sort Excessive Safety Closed Jail within the Western Turkish metropolis of Tekirdag. Citing Turkish broadcaster TRT, Bloomberg revealed that the authorities are investigating the founder’s loss of life, with a concentrate on the opportunity of a suicide.

Justice Minister Yilmaz Tunc stated in an announcement:

An investigation has been opened on this matter and is ongoing. The precise reason behind loss of life will probably be decided because of the investigation. However presently, the preliminary findings point out that it was a suicide.

Ozer was discovered hanging within the toilet of his single-person jail cell, which led the investigative speculations on the reason for loss of life being a suicide. Nevertheless, the Tekirdag F-Sort Excessive Safety Closed Jail has been known as out up to now by some human rights organizations for its use of solitary confinement and small-group isolation.

Ozer, who established the cryptocurrency change Thodex in 2017, fled to Albania after the abrupt collapse of his agency in 2021. Following his extradition from Albania in 2022, the previous crypto CEO, alongside along with his two siblings, was discovered responsible by an Istanbul court docket for numerous crimes, together with aggravated fraud, cash laundering, and operating a prison group.

Ozer revealed in an announcement launched shortly after the implosion of Thodex that he had considered surrendering to legislation enforcement or committing suicide. Nevertheless, the previous change boss selected as an alternative to flee Turkey for Albania so as to “keep alive and battle, work and repay my money owed.”

Within the preliminary case introduced in opposition to Ozer, the prosecutor estimated the entire losses incurred by traders to be round $24 million after Thodex’s collapse. Nevertheless, the Turkish media put the figures as excessive as $2 billion, whereas an information analytics agency reported a $2.6 billion loss.

Crypto Complete Market Cap At $3.66 Trillion

As of this writing, the cryptocurrency whole market capitalization stands at round $3.66 trillion, reflecting a 0.39% leap up to now 24 hours. Nevertheless, a broader look reveals that the market is on a downward pattern, falling by almost 10% up to now month.

The crypto whole market cap on the every day timeframe | Supply: TOTAL chart on TradingView

Featured picture from Getty, chart from TradingView

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