The boss is finally arrested: Thodex's Faruk Fatih Ozer caught in Albania

After more than a year of hiding, Thodex's boss, Faruk Fatih Ozer, was finally arrested in Albania.

The Albanian authorities have arrested the CEO of the Turkish cryptocurrency exchange Thodex, Faruk Fatih Ozer, in the city of Elbasan. Last year, the platform ceased trading and withdrawals, while the 28-year-old executive was rumored to have left Turkey with $2 billion in users’ funds. This arrest is a major development in the case, and it remains to be seen what will happen to the missing funds.

Turkish law enforcement agents have arrested six people in connection with a fraud case, despite not being able to locate the whereabouts of the CEO of the company involved. Two of those arrested are the brother and sister of the CEO, indicating that the investigation is making progress. The other four individuals jailed are also thought to be connected to the fraud, and the authorities are hopeful that they will be able to provide more information that will lead to the capture of the CEO.

After years of waiting, justice has finally arrived for the victims of a heinous crime.

It is clear that the actions of Faruk Ozer and his crypto exchange Thodex have had a devastating effect on many Turkish investors. It is imperative that lessons are learned from this incident in order to prevent similar situations from occurring in the future.

The case of the collapsed building has prompted local authorities to organize an investigation and detain all individuals responsible for the scam. Over the course of their operation, they have arrested 62 people related to the case, while six of them have been sent to prison. Interestingly, two of the criminals were Faruk Ozer’s brother and sister.

It is truly disheartening to see how the head of Thodex was able to escape with $2 billion of users' funds. This just goes to show how corrupt and broken the system is. It's time for major changes to be made in order to protect users and their hard-earned money.

Ozer's arrest in Albania is a victory for justice. The fugitive Turkish businessman will now face a court hearing in the coming days, and will be extradited to Turkey. This cooperation between the Albanian and Turkish authorities is a positive step forward.

Ozer's punishment remains unknown, but it could be quite severe given that he escaped with an Interpol "red notice" and his fraudulent scheme is one of the largest financial scams in Turkey's history.

Turkey and Crypto: A Perfect Fit?

The current economic situation in Turkey is prompting many people to turn to cryptocurrencies as a way to preserve their savings. The record inflation, depreciating Turkish lira, and political tension have all contributed to the popularity of Bitcoin (BTC) and the stablecoin Tether (USDT). These digital assets offer a way to escape the volatility of the traditional financial system and protect one's wealth.

The Turkish government is considering stricter controls on the local digital asset market. Specifically, they have suggested that exchanges should have a minimum capital of 100 million liras (approximately $6.1 million) to operate in the country. This could have a significant impact on the cryptocurrency industry in Turkey, as many exchanges may not meet this proposed capital requirement. This could limit the choices available to investors and traders looking to buy, sell, or trade digital assets in the country. The government's rationale for this proposed change is unclear,

The authorities are in favor of imposing taxes on cryptocurrency transactions, but have not yet disclosed when this will be enforced or what the tax percentage will be. This is a positive step towards regulating the cryptocurrency market, and will help to create a more stable and sustainable ecosystem for investors and users alike.

Istanbul-based Turkish crypto boss, Can Yılmaz, has been arrested in Albania on charges of defrauding investors out of millions of dollars. Yılmaz is the founder of Thodex, a cryptocurrency exchange that abruptly shut down last week