Thodex Founder Faruk Ozer Found Dead Serving 11,196-Year Sentence in Turkish Prison

Faruk Fatih Özer, founder and former CEO of the now-defunct Turkish cryptocurrency exchange Thodex, was found dead in his single-person cell at Tekirdağ F-Type High Security Closed Prison, with authorities suspecting suicide and launching an investigation into the circumstances. Özer had been serving an unprecedented 11,196-year prison sentence for crimes including aggravated fraud, money laundering, and leading a criminal organization, following the collapse of Thodex in 2021 which locked out over 400,000 investors and resulted in losses estimated between $12.5 million and $2.6 billion. After Thodex abruptly halted operations, Özer fled to Albania but was arrested in 2022 and extradited to Turkey in 2023 to face trial alongside his siblings, who received similar sentences. The case is one of Türkiye's most significant cryptocurrency fraud scandals and has prompted stricter regulatory measures on crypto activities in the country. Legal representatives of Thodex victims have raised concerns that Özer's death might impede efforts to recover assets and provide restitution. The prison where Özer died has faced prior criticism for its use of solitary confinement, and investigations continue to assess any potential negligence contributing to his death.