Turkish crypto platform CEO flees country as users say locked down

A Bitcoin sign is seen at the entrance to a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.

A Bitcoin sign is seen at the entrance to a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.
Photo: Chris McGrath (Getty Images)

According to new reports from Reuters and turkey TRT World news service. CEO Faruk Fatih Ozer reportedly fled Turkey on Tuesday and 62 people linked to Thodex were reportedly detained.

Investigators attacked Thodex headquarters in Istanbul on Thursday after
“Thousands” of people in Turkey have filed criminal complaints, according to TRT World. Users have been unable to access money in their accounts in the past three days and federal authorities have issued at least 78 arrest warrants, according to Reuters.

The Thodex website is currently unavailable, but an archived version of the site registered by the Return machine includes a denial from society that something piecemeal was happening. The statement even suggests this banks want to invest in Thodex, suggesting that the failure was due to this development.

“For this process to be completed, transactions must be halted and the sales process must be completed,” the company wrote.

From Reuters:

Istanbul police told Reuters officers were in the company building carrying out “necessary processes.”

Lawyer Oguz Evren Kilic said he was contacted by users on Wednesday and filed a criminal complaint on behalf of several people in Ankara. He said thousands more had also filed complaints across the country.

“We don’t really know where this is going. Thousands of criminal complaints have been filed in many places in Turkey, ”he told Reuters, adding that the platform has 400,000 users, of which 391,000 are active.

While Reuters reports that the CEO had fled to the Albanian city of Tirana, the people at Thodex apparently insist that he will return to Turkey soon. He’s going to come back to a lot of angry people.

Turkey banned the use of cryptocurrencies for payments last week, although this is not yet the case clear if the problems with Thodex have something to do with this.

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