Thodex CEO's Demise in Turkish Prison

Faruk Fatih Özer, the chief executive of the defunct Turkish cryptocurrency exchange Thodex, has reportedly been discovered dead within a Turkish prison facility. Özer was serving an extraordinary sentence of 11,196 years following his conviction for the massive fraud that led to the exchange's collapse. The incident dates back to 2021 when Thodex suddenly ceased operations, resulting in one of the cryptocurrency sector's most significant 'rug pulls.' Estimates at the time suggested that approximately 400,000 users collectively lost up to $2.5 billion in digital assets, underscoring the severe risks associated with unregulated or poorly managed crypto platforms.