Thodex Exchange Founder Found Dead in Turkish Jail

Turkish cryptocurrency exchange, Thodex founder and former CEO, Faruk Fatih Ozer is dead. Ozer, who is serving out a prison sentence at the Tekirdag F-Type High Security Closed Prison was found dead in his prison bathroom by authorities.

Ozer who lived in a single-person cell was seen dangling in his bathroom during prison inspection According to local reports, the authorities are treating it as suicide.

Ozer’s Scandal with Thodex

Notably, Ozer is in prison after he was convicted on multiple counts of aggravated fraud, money laundering, establishment of a criminal organization, among others. The former Thodex CEO bagged a historic sentence of 11,196 years following the trial.

The ruling shocked many and remains one of Türkiye’s landmark crypto-related fraud cases. Aside from Ozer, two of his siblings, Guven and Serap were also convicted on similar charges. Their sentences were of about the same length.

Prior to the sentencing, Thodex, which was founded in 2017, was one of Türkiye’s leading cryptocurrency exchanges. However, in April 2021, Thodex suddenly suspended its operations and claimed it was a ‘temporary move’.

How Thodex Investigation Prompted Regulatory Changes

Thodex exchange did not resume operations as Ozer disappeared, allegedly taking investors funds along with him. It took international effort to track him down in Albania where he was arrested in August 2022.

Following his extradition to Türkiye in April 2023, prosecutors slammed charges on him. Among the crimes listed was that Ozer defrauded more than 400,000 investors. Ozer was alleged to have transferred $8.9 million worth of crypto assets to wallets belonging to him and his associates. He also moved some funds to accounts in Malta.

The collapse of Thodex sparked outrage in the country and prompted stricter regulation of the cryptocurrency sector.

Türkiye’s Authorities Launch Investigation

Türkiye’s officials have commenced an investigation into Ozer’s death to ascertain the circumstance leading to his ‘suspected suicide’.

Interestingly, in January 2025, Ozer’s attorney, Sevgi Eraslan, had helped secure a win on his $2 billion crypto fraud case. This related to charges on his organized crime indictment. The Istanbul 22nd Regional Court of Justice however stuck to Ozer’s detention on fraud charges.