Turkey-based Thodex Exchange CEO Finally Under Arrest

Turkey-based Thodex Exchange CEO Finally Under Arrest

  • Interpol has begun the formalities necessary to extradite Zer back to Turkey.
  • Local prosecutors are apparently seeking hundreds of years in prison.

According to a statement released by the Turkish Ministry of Interior, the CEO of crypto exchange Thodex was apprehended in Albania. An international warrant was issued for Faruk Fatih Zer by Interpol, requesting that all relevant law enforcement agencies throughout the globe look for and subsequently arrest him.

Extradition Process Underway

The sudden disappearance of Thodex, which affected thousands of clients, overnight made him a wanted man. According to the Turkish authorities, Interpol has begun the formalities necessary to extradite zer back to Turkey.

Local prosecutors are apparently seeking hundreds of years in prison for officials of the bankrupt exchange, so he faces an uphill legal struggle. Despite having been in operation since 2017, in April 2021 Thodex unexpectedly suspended trading, citing an unnamed external investment that required a four- to five-day suspension.

A day later, zer said hackers caused the firm to cease trading. But that investors’ money was secure and would be returned soon. On the same day, authorities in Turkey arrested sixty-two workers. They confiscated corporate computers, and placed a hold on the business’s bank accounts.

Though zer had already fled to Albania at this time, the Turkish government was making plans to have him extradited. However, this was not as simple as expected, and the search for the perpetrator took months.

Whitestream, a company that monitors blockchain transactions, uncovered the finding. It speculated that it was likely a “cash out operation” in which employees stole money from their clients. In light of the country’s rapid crypto adoption, the government has introduced legislation to set new regulations for the sector.

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