Prosecutors Issue Arrest Warrants For 75 Thodex Employees, 62 Arrested So Far

The situation involving the Thodex exchange in Turkey grows more worrisome over time. Even though the company claims everything is fine, Turkish police have arrested several dozen individuals. This is not good news for the affected users, as it seems the problems might be worse than expected.

The Thodex Plot Thickens

Things have gone from somewhat problematic to very worrisome for Thodex and its users. The Turkish cryptocurrency exchange is going through a peculiar spell. Not only has the exchange prevented users from accessing their account, but no one seems able to withdraw funds at this time either. Making matters worse is the growing amount of lawsuits being filed against the company and its employees.

It now appears those complaints have triggered some action by the local police. According to official sources, several dozen people have been arrested in the past 24 hours. These arrests are part of an investigation into Thodex and how they may have defrauded thousands of customers.  Although there is no evidence of any fraud taking place, it is understandable why users are worried at this time.

Making things even more interesting is how the founder and CEO of Thodex has fled the country. Very strange behavior for someone who is – allegedly – involved in a business or investment deal regarding the exchange. Police officials confirmed that Faruk Fatih Ozer is currently in Tirana, the capital city of Albania. Why he is in this location at such a crucial time remains the main question.

For now, the Thodex trading platform remains inaccessible to users, and withdrawals are still suspended. Although the initial announcement claimed the exchange would remain this way for five days, it seems this situation may remain the same for the foreseeable future. When a company CEO flees the country for no apparent reason, there is ample reason to grow concerned. Many people may not even see their funds back. 

More Arrests Underway?

These initial 62 arrests may not be the end of the story for Thodex either. Prosecutors have issued warrants for 78 people, leaving 16 to be detained in the future. As this operation spans eight Turkish provinces, police officials still do some work to be done.

The big question is what this means for the affected Thodex users. This behavior indicates the company either lost money due to a hack or someone is trying to steal it. Negative media reports will continue to pile up, as the company has lost all credibility in a matter of days. Combined with the banning of cryptocurrency payments across Turkey, the current landscape doesn’t look too favorable. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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