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Faruk Fatih Özer Dead at 29: The Dark Side of Turkey’s Crypto Boom
Faruk Fatih Özer, the man behind one of Turkey’s biggest crypto scandals, has been found dead in his prison cell — marking a dramatic turn in the infamous Thodex case.
Tragic End for Thodex Founder
Faruk Fatih Özer, the founder of the collapsed Turkish crypto exchange Thodex, was discovered hanging from a bedsheet in the bathroom of Tekirdağ Type F High-Security Prison. Authorities confirmed that the Tekirdağ Chief Public Prosecutor’s Office has launched an official investigation into his death. His body has been sent to the Council of Forensic Medicine for autopsy.
The Rise and Fall of Thodex
Once hailed as one of Turkey’s most popular crypto trading platforms, Thodex quickly turned into a national scandal after thousands of investors claimed they lost their savings. According to the indictment prepared by the Istanbul Anadolu Chief Public Prosecutor’s Office, the company was founded with a capital of just 400,000 Turkish Lira by Özer, who allegedly defrauded investors through deceptive transactions on the platform.
A Sentence That Shocked the Crypto World
The case made global headlines after prosecutors demanded between 12,164 and 40,562 years in prison for Özer and 21 other defendants on charges of “establishing and managing a criminal organization,” “qualified fraud,” and “laundering assets obtained through crime.”
After fleeing to Albania, Özer was captured on August 30, 2022, and extradited to Turkey on April 20, 2023. Just days later, he was formally arrested and placed in custody. On September 7, 2023, the Anadolu 9th High Criminal Court sentenced him to 11,190 years and 6 months in prison, one of the longest sentences in Turkish judicial history.
Appeals, Retrials, and an Unexpected Ending
The verdict was later appealed to the Istanbul Regional Court of Justice’s 22nd Criminal Chamber, which overturned the original ruling. The court decided to release Özer from charges of “forming a criminal organization” but ordered his continued detention for the remaining charges.
As the retrial process began, news of Özer’s sudden death brought the entire saga to an abrupt and dramatic end — leaving both the Turkish legal system and the crypto community stunned.
A Death That Raises More Questions Than Answers
With Özer’s passing, the Thodex case has reignited debates over trust, regulation, and accountability in the cryptocurrency world — not just in Turkey but across global crypto markets.
