The Interpol red notice for Turkey's former cryptocurrency exchange CEO Faruk Fatih Ozer led to his arrest in Albania. The founder of the now-defunct exchange Thodex was detained upon his arrival to Istanbul airport and is currently undergoing health examinations before he is taken to Istanbul Police Department. In April 2021, the exchange suddenly announced their closure citing a "partnership transaction". Subsequently, users of the exchange filed complaints and Turkish prosecutors issued warrants for 78 people involved, of which 62 were detained. Ozer was later identified as the person responsible for the disappearance of at least $2 billion worth of cryptocurrencies.

The increasing adoption of blockchain technology and cryptocurrencies in Turkey due to the sky-high inflation and devaluation of the Turkish Lira has affected lives in a positive way allowing them to secure their finances and mentally. According to research done by Turkish crypto exchange Paribu, 8 million people are currently engaged in crypto in the country and Turkey was ranked 12th in Chainalysis’ Global Cryptocurrency Adoption Index.

The Thodex case is one of the most unique cases about cryptocurrency as it shows the outcome of abrupt closing due to a partnership before investigations were completed and the consequence of stealing at least $2 billion from users. It is safe to say that it is yet another reminder to be careful while investing in crypto and in any other platforms or companies that involve cryptocurrencies. The red notice case demonstrates the success of Interpol's efforts in cooperation and coordination with local authorities to move quickly to ensuring that people accused of a crime like fraud can face justice.



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