Turkey Detains Thodex Exchange Boss in Crypto News Collapse

We have recently seen some shocking news in the world of crypto. The collapse of Turkish crypto exchange Thodex has left investors shocked and concerned. As part of the investigation, authorities have managed to detain Turkish-origin businessperson Faruk Fatih Özer, who is believed to be the main suspect behind the exchange's unexpected closure.

The bizarre incident was unearthed after suspicious transactions worth $2 billion were detected by the Financial Crimes Investigation Board (MASAK). While the exact details of what happened have not been disclosed yet, it is believed that Özer fled Turkey while leaving 400,000 users stranded with their funds.

When news of this unfortunate event first broke out, MASAK started a manhunt to locate Özer and bring him into justice. Thankfully for authorities, their search effort was successful as Özer was found reportedly hiding in Albania and arrested by local authorities.

Following his arrest in late May 2021, Özer was brought before a Turkish court where he accepted crimes such as fraud and market manipulation. Consequently, he has been placed in pre-trial detention pending further investigations.