Thodex
Rug PullExchange · born 2017 · ✝ 2021
A Turkish exchange whose CEO vanished with users' funds overnight.
Thodex was a major Turkish crypto exchange. In 2021 it abruptly halted trading and its founder Faruk Fatih Ozer fled the country, leaving hundreds of thousands of users unable to access funds.
- Peak
- Hundreds of thousands of users
- Cause
- Rug Pull
- Year of death
- 2021
☠️ Cause of death
The exchange froze withdrawals and the CEO fled abroad; he was later extradited and sentenced to thousands of years in prison for fraud.
📓 Lessons left behind
- —Centralized exchanges can exit-scam with custodied funds.
- —Sudden 'maintenance' halts can precede a founder's escape.
- —Domestic regulation often lags fast-moving exchange fraud.
🌱 The idea that survived
Proof of reserves
Spurred demand for exchanges to cryptographically prove they hold customer assets.
#exchange#exit-scam#turkey