Thodex Founder Faruk Fatih Özer Found Dead in Turkish Prison
Faruk Fatih Özer, the founder of the collapsed Turkish cryptocurrency exchange Thodex, was found dead in a high-security prison in Tekirdağ. The 30-year-old entrepreneur was discovered hanged in the bathroom of his solitary cell on November 1, 2025. Officials have preliminarily classified the incident as a suicide, though a forensic investigation is underway.
A shocking end to Turkey’s biggest crypto scandal
Özer had been serving an unprecedented 11 196 years, 10 months and 15 days in prison — a sentence handed down in September 2023 for fraud, money-laundering, and leading a criminal organization.
The verdict also included heavy penalties for his siblings, Güven and Serap Özer, who received identical sentences plus a fine of 135 million Turkish lira (about $5 million). The Thodex case remains one of the largest financial scandals in Turkish history, highlighting the legal vacuum that surrounded crypto exchanges during the 2017–2021 bull run.
Billions lost, thousands affected
Estimates of investor losses vary dramatically. Prosecutors calculated the damage at roughly 356 million TRY ($13–24 million), while Turkish media outlets have reported figures closer to $2 billion.
Blockchain-analysis firm Chainalysis placed total losses at between $2.5 and $2.6 billion. The number of victims is equally disputed: official records list 2 027 plaintiffs, yet independent investigations cite as many as 390 000 affected investors.
Thodex abruptly halted withdrawals in April 2021, after which Özer fled Turkey, allegedly taking millions in crypto assets. He was later captured in Albania and extradited to Turkey in 2022.
Prison authorities launch investigation
Following Özer’s death, Turkey’s Ministry of Justice announced an internal inquiry to determine whether prison protocols had been properly followed. Surveillance footage and witness statements are being reviewed, and an autopsy is expected to confirm the cause of death in the coming days.
While authorities maintain there are no signs of foul play so far, speculation has circulated on Turkish social media — some users questioning how a high-profile inmate under constant observation could have taken his own life.
A cautionary tale for the crypto world
The fall of Thodex remains a stark reminder of the volatility and legal gray zones of early-stage cryptocurrency markets. Once one of Turkey’s largest exchanges, it collapsed overnight, erasing billions in customer funds and triggering widespread distrust in digital assets among retail investors.
Özer’s death closes a chapter in a case that symbolized both the promise and peril of crypto entrepreneurship — a meteoric rise built on hype and a devastating collapse that reshaped Turkey’s regulatory landscape.
In the aftermath, Turkish authorities tightened oversight of digital-asset service providers, aligning national policy more closely with European Union standards on anti-money-laundering and investor protection.
Conclusion
The discovery of Faruk Fatih Özer’s body marks a tragic epilogue to one of the most notorious crypto-crime sagas of the decade.
As forensic teams complete their investigation, Thodex stands as a cautionary symbol of what happens when rapid innovation outpaces accountability — a lesson resonating far beyond Turkey’s borders.
Editorial Team — CoinBotLab