TechFlow news, November 1 — According to Bloomberg, Faruk Fatih Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has died in a prison cell in Tekirdag, western Turkey.
The report states that an investigation is currently underway, with authorities focusing on the possibility of suicide. Ozer ran Thodex until its collapse in 2021 and was sentenced two years ago by a Turkish court to 11,196 years in prison on charges including fraud. The high school dropout founded Thodex in 2017 and fled to Albania after the exchange's collapse. An Albanian court ordered his extradition to Turkey in 2022.
The prosecutor's initial indictment estimated investor losses at around $24 million when Thodex collapsed, but Turkish media have reported figures as high as $2 billion. Blockchain analytics firm Chainalysis estimated the losses at $2.6 billion.
