Thodex is a Turkish crypto exchange that has about 400,000 registered users. Recently, the exchange locked out thousands of users across the country. Initially, the company website explained that services of the exchange would be halted for five days. However, the questionable escape of Thodex CEO, Faruk Fatih Özer, and suspension of his social media accounts created chaos among the investors. 

Oğuz Evren Kılıç launched the first formal complaint of the incident. Kilic told Reuters in an interview that multiple users approached him from all over Ankara. The last recorded daily trade volume for Thodex was $538 million, as reported by CoinMarketCap. The Anatolian police got involved in the matter after a criminal complaint was launched against Thodex by solicitor Abdullah Üsame Ceran alleging aggravated fraud charges.

The Other Side of the Story

The 27-year-old CEO of Thodex is on the run. His whereabouts between Thailand and Albania are disputed for the time being. Özer has been unavailable on his phone number, and the investors are also unable to reach the call center services provided by Thodex. However, yesterday he started the official account of Thodex on Twitter that he would never let down his investors. 

Since the interview, several media outlets have been trying to contact Özer. In a recent Bloomberg Interview, Özer admitted that his company has been going through financial issues and bankruptcy. The national news agency of Turkey Haberturk claims that the losses could amount to $2 billion. Özer fled the country with $2 billion worth of digital assets. He has promised his investors that he would return their money and would give himself to justice once he can make amends.

Dogecoin Airdrop on Thodex

A few days before the incident, Thodex exchange announced a massive Airdrop of 2 million Dogecoins. The meme crypto has been gaining momentum in the crypto market due to the social media referencing of Tesla CEO Elon Musk. Tesla Inc. has arranged free car giveaways in the past that made the proposition more believable. Following this announcement, the rush of investors on Thodex increased. 

The Local Police have detained 62 people from eight different provinces in Turkey. These people have been accused of being in touch with Thodex CEO. Cemil Ertem, the senior economic advisor to President Erdogan, advised authorities to take prompt action against Thodex and called it a pyramid scheme. Turkey’s Financial Crimes Investigation Board (MASAK) has suspended all accounts of the company.