Faruk Fatih Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has been extradited from Albania to Turkey to face charges of fraud and money laundering. Upon his arrival at Istanbul Airport on Thursday, the 29-year-old was immediately detained by police, according to state-run Anadolu Agency.
(Bloomberg) — Faruk Fatih Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has been extradited from Albania to Turkey to face charges of fraud and money laundering. Upon his arrival at Istanbul Airport on Thursday, the 29-year-old was immediately detained by police, according to state-run Anadolu Agency.
Thodex abruptly stopped operations about two years ago, leaving tens of thousands of customers with losses. Ozer had disappeared following the collapse of the platform, but was arrested in Albania in August 2022 after Turkey issued an Interpol red notice against him. Earlier this month, Albania’s top court ruled in favor of his extradition, ending his legal battle against deportation.
Ozer, who once boasted of being a high-school dropout, is facing charges of managing a criminal organization, aggravated fraud, and money laundering.
MORE: Turkey Seeks Thousands of Years Jail Time for Missing Crypto CEO
The total losses incurred by investors when Thodex imploded are still unclear. The prosecutor’s initial indictment estimated the losses to be around $24 million, but Turkish media have reported figures as high as $2 billion. According to Chainalysis, the value of cryptocurrency lost at Thodex earlier this year was $2.6 billion, making it the largest “rug pull” of 2021.
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