Faruk Fatih Ozer, the erstwhile maestro behind the defunct Turkish cryptocurrency exchange Thodex, met his untimely end in his prison cell in Tekirdag this Saturday, as reported by Bloomberg. A twist worthy of a penny dreadful, I dare say.
Officials, ever the diligent detectives, are currently probing the possibility that Ozer opted for the final curtain call voluntarily, or so TRT informed Bloomberg. A most dramatic exit, if true.
This unfortunate incident has once again thrust the 2021 Thodex debacle into the spotlight. The exchange’s collapse, a veritable “rug pull” of epic proportions, left a trail of financial devastation akin to a particularly aggressive tornado in a porcelain shop.
Ozer, who was serving an 11,196-year sentence-a number so astronomical it might as well have been plucked from a science fiction novel-was convicted of a litany of crimes, including aggravated fraud, money laundering, and orchestrating a criminal organization. One might say he was sentenced to eternity, with a side of eternity.
The financial carnage wrought by Thodex was nothing short of staggering:
- Estimated Losses: While the initial indictment pegged losses at a mere $24 million, Turkish media outlets speculated the figure could be as high as $2 billion. A difference of approximately $1.976 billion, give or take.
- Chainalysis Estimate: The blockchain sleuths at Chainalysis crunched the numbers and arrived at a jaw-dropping $2.6 billion in losses. Enough to make Scrooge McDuck blush.
Ozer, a high-school dropout turned crypto magnate, founded Thodex in 2017. Following the exchange’s spectacular implosion in April 2021, he embarked on a whirlwind escape to Albania, only to be extradited back to Turkey in 2022. A tale of ambition, hubris, and, ultimately, incarceration.
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2025-11-01 15:22