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Runaway Thodex Crypto Exchange CEO Arrested in Albania, Turkey Says

The Turkish Ministry of Internal Affairs announced on Tuesday that 28-year-old Faruk Fatih Ozer, the Founder and CEO of the folded Turkish cryptocurrency exchange, Thodex, has been arrested in Albania.

The ministry said that Fatih was rounded up in Vlor, a city in Southern Albania after he was found through his biometric identification.

Also, the federal government ministry noted that the procedure to extradite Fatih to Turkey was initiated by the International Police which previously issued a red notice on him.

Fatih fled Turkey in April this past year after Thodex, among the largest cryptocurrency exchanges in the united kingdom, was turn off by its founders, throwing investors into confusion and losses estimated to be about 356 million Turkish Lira ($24 million).

A February report by Chainalysis put the estimate at around $2.6 billion.

This past year, the Turkish police released footage of Fatih and also have previously made several trips cross-country to fully capture Fatih.

At one point, the fugitive released a statement from an undisclosed location promising to settle investors and go back to Turkey at a later time to handle prosecution.

Finance Magnates reports that Turkish prosecutors would like jail sentences as high as 40,564 years for 21 of the founders and executives of the defunct crypto-exchange.

They alleged that the defendants established a criminal organization, engaged in fraud through informatics systems and laundered arises from criminal activities.

In April 2021, the Turkish police detained 62 people within a large-scale investigation in to the exit crypto scam.

Crypto Popularity in Turkey

Following a collapse of Thodex, the Central Bank of the Republic of Turkey announced a ban of cryptocurrency payment, noting that cryptocurrency transactions carry significant risks.

Turkey has among the highest amount of cryptocurrency users on earth, sharing the very best spot with countries such as for example Nigeria, Vietnam, the Philippines, Peru and Switzerland.

In December 2021, the neighborhood cryptocurrency exchange, Paribu celebrated hitting 5 million users on its platform.

The increasing adoption of cryptocurrency in the transcontinental country has been driven by high degrees of inflation with people attempting to shield their savings from losses.

The full total amount of daily crypto trades in Turkey topped one million in December this past year following the Turkish Lira dropped by a lot more than 40% earlier in September.

There were media reports of the Turkish presidencys efforts to modify cryptocurrency usage in the united kingdom through the introduction of a bill. However, none has been introduced yet.

The Turkish Ministry of Internal Affairs announced on Tuesday that 28-year-old Faruk Fatih Ozer, the Founder and CEO of the folded Turkish cryptocurrency exchange, Thodex, has been arrested in Albania.

The ministry said that Fatih was rounded up in Vlor, a city in Southern Albania after he was found through his biometric identification.

Also, the federal government ministry noted that the procedure to extradite Fatih to Turkey was initiated by the International Police which previously issued a red notice on him.

Fatih fled Turkey in April this past year after Thodex, among the largest cryptocurrency exchanges in the united kingdom, was turn off by its founders, throwing investors into confusion and losses estimated to be about 356 million Turkish Lira ($24 million).

A February report by Chainalysis put the estimate at around $2.6 billion.

This past year, the Turkish police released footage of Fatih and also have previously made several trips cross-country to fully capture Fatih.

At one point, the fugitive released a statement from an undisclosed location promising to settle investors and go back to Turkey at a later time to handle prosecution.

Finance Magnates reports that Turkish prosecutors would like jail sentences as high as 40,564 years for 21 of the founders and executives of the defunct crypto-exchange.

They alleged that the defendants established a criminal organization, engaged in fraud through informatics systems and laundered arises from criminal activities.

In April 2021, the Turkish police detained 62 people within a large-scale investigation in to the exit crypto scam.

Crypto Popularity in Turkey

Following collapse of Thodex, the Central Bank of the Republic of Turkey announced a ban of cryptocurrency payment, noting that cryptocurrency transactions carry significant risks.

Turkey has among the highest amount of cryptocurrency users on the planet, sharing the very best spot with countries such as for example Nigeria, Vietnam, the Philippines, Peru and Switzerland.

In December 2021, the neighborhood cryptocurrency exchange, Paribu celebrated hitting 5 million users on its platform.

The increasing adoption of cryptocurrency in the transcontinental country has been driven by high degrees of inflation with people attempting to shield their savings from losses.

The full total amount of daily crypto trades in Turkey topped one million in December this past year following the Turkish Lira dropped by a lot more than 40% earlier in September.

There were media reports of the Turkish presidencys efforts to modify cryptocurrency usage in the united kingdom through the introduction of a bill. However, none has been introduced yet.

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