Defunct Crypto Exchange Thodex CEO Found Dead In Prison Cell — Report

Faruk Fatih Ozer, founder of the now-defunct Thodex exchange, was found dead in his prison cell while serving his sentence in Turkey, according to local media reports. The former exchange CEO was sentenced in 2023 to 11,196 years in jail for various financial crimes.

Thodex CEO Might Have Committed Suicide: Turkish Minister 

On Saturday, November 1, Bloomberg reported that Ozer died in his prison cell in the F-Type High Security Closed Prison in the Western Turkish city of Tekirdag. Citing Turkish broadcaster TRT, Bloomberg revealed that the authorities are investigating the founder’s death, with a focus on the possibility of a suicide.

Justice Minister Yilmaz Tunc said in a statement:

An investigation has been opened on this matter and is ongoing. The exact cause of death will be determined as a result of the investigation. But currently, the initial findings indicate that it was a suicide.

Ozer was found hanging in the bathroom of his single-person prison cell, which led the investigative speculations on the cause of death being a suicide. However, the Tekirdag F-Type High Security Closed Prison has been called out in the past by some human rights organizations for its use of solitary confinement and small-group isolation.

Ozer, who established the cryptocurrency exchange Thodex in 2017, fled to Albania after the abrupt collapse of his firm in 2021. Following his extradition from Albania in 2022, the former crypto CEO, along with his two siblings, was found guilty by an Istanbul court for various crimes, including aggravated fraud, money laundering, and running a criminal organization.

Ozer revealed in a statement released shortly after the implosion of Thodex that he had thought of surrendering to law enforcement or committing suicide. However, the former exchange boss chose instead to flee Turkey for Albania in order to “stay alive and fight, work and repay my debts.”

In the initial case brought against Ozer, the prosecutor estimated the total losses incurred by investors to be around $24 million after Thodex’s collapse. However, the Turkish media put the figures as high as $2 billion, while a data analytics firm reported a $2.6 billion loss.

Crypto Total Market Cap At $3.66 Trillion

As of this writing, the cryptocurrency total market capitalization stands at around $3.66 trillion, reflecting a 0.39% jump in the past 24 hours. However, a broader look shows that the market is on a downward trend, falling by nearly 10% in the past month.