The tragic end of a crypto empire (3 photos + 1 video)

In the world of cryptocurrency, where fortunes can turn into disaster overnight, the story of Faruk Fatih Özer is the stuff of Hollywood thrillers. The founder of the Turkish exchange Thodex, which collapsed in April 2021, taking with it billions of investors' money, has become a symbol of the fraudulent era of digital gold.





Özer launched Thodex in 2017, building it into one of Turkey's largest platforms. The crypto boom brought millions of users, but in 2021, everything collapsed: the exchange suddenly blocked withdrawals, citing a "cyberattack."

Ozer disappeared, taking with him, according to prosecutors, 356 million Turkish lira (about $13 million at the time). Turkish media reported losses of up to $2 billion, while Chainalysis analysts estimated the damage at $2.6 billion—the funds of 400,000 defrauded investors.



Ozer's escape was short-lived: in 2022, he was captured in Albania, where he had been hiding under a false name. Extradition to Turkey in early 2023, a trial in Istanbul—and a sentence that will make history: 11,196 years in prison for creating a criminal organization, fraud, and money laundering.

Plus a fine of 135 million lira. During the trial, the 30-year-old "crypto king" insisted, "I'm innocent, I was framed." His sister and brother also received shorter sentences. Of the 21 defendants, 16 were acquitted due to insufficient evidence.



The F-type prison in Tekirdağ, where this crypto genius was supposed to serve 11,000 years, is a high-security elite prison: single cells, 24/7 surveillance. Just the other day, during a routine inspection, Özer was found hanged by a sheet in the bathroom.

Justice Minister Yılmaz Tunç confirmed that, yes, he committed suicide. He's dead, and that's it, what's there to say? Lawyer Sevgi Eraslan is shocked: "This has shaken us all." And the victims are seething in Telegram chats: "Was it that easy to just leave? Maybe they got rid of him to prevent him from revealing his connections to the ministers?"