Having been operating since 2017, Thodex said “negative” media reports about the company were not true. “Globally renowned banks and funds, whose names we are going to announce when the agreement process is completed, have been wanting to invest in our company and proposed a partnership for a long time,” it said. But users who have not been able to withdraw their money or access their accounts took to Twitter to voice concern that they may have been scammed.

• As the Ethereum network’s move to a proof-of-stake consensus mechanism drives adoption from institutional investors, the prices for graphics processing units ,…
• With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation.
• Customers fear a rug pull as Turkish crypto exchange Thodex abruptly halted trading.
• Having been operating since 2017, Thodex said “negative” media reports about the company were not true.

Not only Thodex, but also many cryptocurrency exchanges have pulled an exit scam since Bitcoin started going mainstream. The ones that had no prior motive to shutdown operations were forced to do so after losing millions of dollars to hackers who got access to their administrative panel like MT.Gox. It started when Thodex posted on their Twitter handle about their intention to improve customer satisfaction by the introduction of a Peer-to-Peer cryptocurrency investment service from outside. Thodex in another statement notified customers that they would suspend their trading activities for 4 to 5 days. However, the CEO of Thodex Faruk Fatih Ozer has deleted his social media account and disappeared without a trace. This morning, Turkish police detained 62 people, seized the company’s computers and froze its bank accounts, and the government is preparing to have Özer extradited from Albania, where he fled two days ago.

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Reports said the website and the entire exchange had shut down while holding at least $2 billion from 391,000 investors. Local media reports said Ozer — reported to be 27 or 28 years old — had flown either to Albania or Thailand. This incident is anything but a good look for crypto in the eyes of a decidedly skeptical Turkish government. But this “may well be a scam,” Oğuz Evren Kılıç, a lawyer china says state cryptocurrency set to rival bitcoin is ‘close’ to launch in the Turkish capital Ankara who today filed a legal complaint against the exchange, told Decrypt. CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. Fugitive Turkish Thodex founder Faruk Fatih Ozer , who was on the run since last year, was arrested in Albania.

• The Turkish crypto market remains unregulated despite growing scepticism from President Recep Tayyip Erdogan’s government about the safety and use of digital currencies.
• Thousands of new users reportedly flocked to the exchange, and its trading volume Saturday reached a daily record of $1.37 billion, the highest daily figure over the past year, as per data from CoinGecko.
• While cryptocurrency trading platforms and coins are increasingly growing a reputation for scamming people out of their money, one Australian family found themselves on the other end of the spectrum.
• Thousands of Turkish citizens have now filed criminal complaints against the company, alleging that they have been victims of an exit scheme.
• Nonetheless, volatility in digital currency prices and a potential regulatory clampdown are big risks for the industry.

Jesse Powell, CEO of U.S. exchange Kraken, told CNBC earlier this month that he thinks there “could be some crackdown” on cryptocurrencies. Thousands of Thodex users have filed complaints against the company, with investors saying they are unable to access their accounts and worry that their savings may be irretrievable. Some Turkish citizens have turned to crypto as a way to protect their savings from skyrocketing inflation and the weakening of the Turkish lira. “There has been no access to Thodex website for more than 24 hours. Hundreds of thousands of users cannot get access to wallets holding their crypto assets or cash money,” investors’ lawyer Oguz Evren Kilic told AFP.

Turkish prosecutors on Thursday launched an investigation after the Istanbul-based founder of a cryptocurrency exchange froze trading and fled the country with a reported $2 billion in investors’ assets. Turkish police have detained 62 people as they continue to investigate an alleged exit scam potentially affecting 391,000 crypto exchange users and roughly $2 billion in investments. The founder of a Turkish cryptocurrency exchange has reportedly fled the country with billions of dollars in user assets. It started last week when Thodex announced on its website that it would be unavailable for several days to handle a sales process. The vague message didn’t reveal details such as when it would be back and if the users’ funds were safe, prompting investors to start voicing their frustration.

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He had been on the run for over a year with some of his employees detained at the time of his dash out of the country. He was recently found and arrested in Albania after becoming the subject of an international police investigation.

• Turkish cryptocurrency exchange Thodex abruptly halted trading this morning without prior notice, locking up the funds of its 391,000 active traders.
• While this does not mean there is an outright ban on holding cryptocurrency as an asset, Turkey’s central bank says the payment restrictions are necessary due to a lack of a regulatory, “central” authority.
• It also barred fintech firms from directly or indirectly dealing with crypto, which mostly affects foreign crypto exchanges relying on local fintechs to operate in the country since local banks won’t partner with them.
• Thodex, a crypto firm based in Turkey, said its platform has been “temporarily closed” to address an “abnormal fluctuation in the company accounts,” according to a translated statement on its website.
• A visual representation of the cryptocurrency Bitcoin on November 21, 2020 in London, England.
• Then promised that customer funds would remain safe and be returned to those users who had lost access to their accounts, according to Digital Trends.

The Cyber Crimes Directorate arrested all suspects except for Özer himself, the arrested suspects included Özers two brothers. The Istanbul Public Prosecutors Office opened an fraud investigation into the owner, and an investigation into Thodex in the scope of tax offenses and Consumer Protection Law. Thodex was founded as Koineks in 2017, at the time only the 4th cryptocurrency exchange to be founded in Turkey.

Turkish police detain 62 over alleged $2B Thodex crypto exchange fraud

The author or the publication does not hold any responsibility for your personal financial loss. While cryptocurrency trading platforms and coins are increasingly growing a reputation for scamming people out of their money, one Australian family found themselves on the other end of the spectrum. The founder of a Turkish cryptocurrency exchange service faces 40,564 years in jail after fleeing the country with AU$2.95 billion (US$2b) last year. The company’s bank accounts were also reportedly frozen by the country’s financial crimes investigation board. Nonetheless, volatility in digital currency prices and a potential regulatory clampdown are big risks for the industry.

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Crypto investors believe the industry has matured a great deal over the years, however. Bitcoin’s price has climbed more than sixfold over the last 12 months, even after a sharp plunge in prices recently. And bitcoin bulls hope that the entrance of institutional investors and companies like Tesla to the market will help move cryptocurrencies into the mainstream. Bitcoin and other cryptocurrencies are decentralized, meaning they’re not controlled by a single individual but a network of computers. The whole idea of bitcoin originally was for people to be their own bank and hold money outside of the traditional financial system. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate.

For now, the exchange has not made any official announcement about the situation on the ground, but activities surrounding the key players of the platform raise alarm about their intention. A ban on using digital assets for payment comes into effect at the end of this month. Özer’s current location is unknown but authorities accuse him of perpetrating the largest fraud in Turkey’s history, allegedly taking off with $2 billion in how to get started in cryptocurrency exchange user funds. Then promised that customer funds would remain safe and be returned to those users who had lost access to their accounts, according to Digital Trends. The company was founded in 2017 and drew in legions of Turks looking to protect their savings by investing in the apparently more ‘stable’ crypto market. Thodex CEO Faruk Fatih Ozer has reportedly fled the country and is now in Albania, according to local sources.

We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account. Turkey intends to impose a ban on the use of cryptocurrency to purchase goods and to make payments by the end of April. While this does not mean there is an outright ban on holding cryptocurrency as an asset, Turkey’s central bank says the payment restrictions are necessary due to a lack of a regulatory, “central” authority. Last week, law enforcement issued arrest warrants for 80 individuals suspected of being linked to the platform and 68 suspects have, so far, been apprehended, according to the Anadolu Agency .

Bitcoin (BTC)

Thodex’s CEO says its company had to halt trading because it suffered cyberattacks, but the original deposits are safe. Thodex was not immediately available for comment when contacted by CNBC via Twitter. A visual representation of the cryptocurrency Bitcoin ethereum finds favour with institutional investors on November 21, 2020 in London, England. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider.

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In addition, a local lawyer filed a lawsuit against the digital currency exchange on claims of aggravated fraud. Hundreds of thousands of users of a Turkish cryptocurrency exchange, Thodex, have been left unable to access their digital assets after the trading… Turkish cryptocurrency exchange Vebitcoin has suddenly ceased operations, leaving its customers without access to their assets in a supposed exit scam. Hundreds of thousands of Thodex users were left in a distressed situation last year after they were not able to access their digital assets on the trading platform following the suspension of its services last year.