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Thodex Crypto Exchange’s Consumers Unable to Withdraw Funds

Thodex Crypto Exchange's Consumers Unable to Withdraw Funds

Thodex, a crypto exchange for trading Bitcoin, Ethereum, and other digital assets, has stopped its operations, leaving consumers asking questions. Approximately 400,000 users of a Turkish crypto exchange were left out of their accounts without being capable of withdrawing their funds. The platform’s website has been down for various days, while reports indicate its CEO has already escaped the nation with up to $2 billion.

Turkish lawyer Oguz Evren Kilic, who signifies various Thodex users, has officially filed a legal complaint. Users of the crypto exchange allege they have been incapable of withdrawing their investments. Moreover, Thodex CEO and founder Faruk Fatih Ozer have been unresponsive through this period, not responding to various phone calls. Kilic elucidates that Ozer escaped the country on April 21 on a commercial flight from Istanbul. The Demiroren News Agency issued a photo that they claim to be Ozer in an airport in Albania.

Thodex CEO Deletes his Social Media Handles

The outcry occurred when the company issued a message on its website and Twitter yesterday elucidating that it would be pausing operations for four to five working days while managing an outside investment. The investment would allow them to offer a better experience for consumers, claimed Thodex. The statement also affirmed to consumers that their funds were secure. Nevertheless, particular symbols point to unusual activity. Faruk Fatih Özer, CEO of Thodex, has deleted his social media accounts. Additionally, the company’s client support line has gone dead. Predictions on the value of the lost funds range from $2 billion to $10 billion. 

Furthermore, on April 22, Thodex released a statement on the website regarding recent events. As per the statement, the crypto exchange has been in collaboration discussions for three months. Last week, they discovered an unusual variation in the company accounts, which urged them to shut the exchange temporarily. The statement seems to be issued by Ozer, who stated that while the company’s technical team was investigating the abnormality, he went abroad on April 19 to make final agreements with foreign investors.

Ozer further continues that the claim he lost his investors’ funds is unsupported. Additionally, he opined that he would be reverting to Turkey in a few days to support judicial authorities and cooperate to prevent users’ victimization. However, it’s worth noting that Turkish authorities have previously exercised a steep approach towards the cryptocurrency industry. On April 16, the Central Bank of Turkey formally declared the ban of cryptocurrencies as payment instruments.

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