The former crypto exchange CEO was discovered in his cell at Tekirdağ F-Type Prison, with officials citing suicide as the initial finding amid an ongoing investigation.
Faruk Fatih Ozer, the founder and former CEO of the defunct cryptocurrency exchange Thodex, has been found dead in his Turkish prison cell while serving an 11,196-year sentence, according to local media reports. Ozer, who was convicted of aggravated fraud, money laundering, and leading a criminal organization, had been imprisoned at the Tekirdağ F-Type High Security Closed Prison, one of Turkey’s highest-security facilities.
Collapse of Thodex and Investor Losses
Founded in 2017, Thodex was one of Turkey’s largest crypto exchanges until its abrupt shutdown in April 2021, which resulted in over 400,000 users losing approximately $2.6 billion, according to estimates by Chainalysis. The exchange’s closure sparked widespread outrage, with authorities accusing Ozer of fleeing abroad with customer funds.
Following a year-long manhunt, Ozer was arrested in Albania in 2022 and extradited to Turkey the following year. In September 2023, an Istanbul court sentenced Ozer and two of his siblings to 11,196 years in prison each, reflecting the scale of the financial crimes.
Investigation and Official Statement
Ozer was reportedly found hanging in the bathroom of his single-person cell, according to Turkish media. Justice Minister Yılmaz Tunç confirmed that an investigation has been launched into the incident.
“The exact cause of death will be determined as a result of the investigation,” Tunç stated. “Initial findings indicate that it was a suicide.”
Human rights groups have previously criticized Tekirdağ Prison for its use of solitary confinement and restrictive conditions.
After Thodex’s collapse, Ozer had released a statement saying he considered surrendering or taking his own life, but chose instead to flee to Albania to “stay alive and repay debts.” His death now closes a significant chapter in one of the largest cryptocurrency fraud cases in Turkey’s history, while ongoing probes continue to trace missing digital assets and assess liability for affected investors.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.