A crypto exchange CEO has been on the run for allegedly stealing $2 billion from his company's investors and clients. Well, not anymore, since the authorities recently found him in Albania.
But that is not what's shocking. The cryptocurrency exchange founder may face up to 40,564 years in prison.
Yes, you read that right. We did not have any sort of typo.
Why Is He on the Run?
Thodex, a Turkish cryptocurrency exchange that was established in 2017 and had 700,000 users at its peak. This platform was founded by Faruk Fatih Özer.
Turkey has seen a rise in the popularity of cryptocurrencies as a result of the nation's extreme inflation. According to a news report by Digitaltrends, this is due to the Turkish lira, the country's official currency, which has been steadily declining over the past few years.
Many Turkish investors seek out more stable investments on cryptocurrency exchanges in order to secure their money. Thodex's decision in this matter, however, proved to be a poor one.
Thodex abruptly halted all trading in April 2021, stating that an outside investment "forced" it to do so for up to five days.
According to Coinmarketcap, he stated on a now-deleted Twitter account that Thodex had stopped trading after becoming the target of a cyberattack, but emphasized that all funds were secure.
According to Coinmarketcap, he stated on a now-deleted Twitter account that Thodex had stopped trading after becoming the target of a cyberattack, but emphasized that all funds were secure.
Approximately 400,000 users found that the assurance that customer payments would be secure was simply untrue. Digitaltrends noted that the users lost access to their accounts, which led to the loss of their funds.
In what was the biggest rug pull of the year, the company estimated that over $2 billion was lost, as per Coinmarketcap.
Many of Thodex's employees were then detained by the Turkish police, but Özer had already managed to escape to Albania with $2 billion reportedly misappropriated from the company's investors and clients' funds.
Despite a global search, Özer was not found for more than a year after Turkish officials issued an Interpol red notice on him.
He Was Arrested in Albania
The founder of the crypto exchange was recently apprehended by the authorities after running away for a year.
As of time of writing, efforts are being made to extradite Özer, who was apprehended Tuesday morning in the city of Vlora.
When he was taken into custody, bank cards, laptops, and mobile phones were also seized.
His identity was verified using the biometric data. He is awaiting extradition to Turkey, where he will serve a term of more than 40,000 years for his crimes alongside other Thodex executives.
What Happened to the Funds?
According to Digitaltrends, what happened to the money after the Thodex founder left the country with it has not been made public.
The publication also noted that it's quite clear that local authorities mean business and will seek thousands of years in prison for these crimes, whether or not the funds are recovered.
