CEO of a Turkish Cryptocurrency Platform Flees Amidst Fraud Complaints

The CEO of the platform has already fled Turkey last Tuesday

CEO of a Turkish Cryptocurrency Platform Flees Amidst Fraud Complaints

 

Thodex, a cryptocurrency platform is currently being investigated in Turkey by the federal police. This cryptocurrency platform deals with trades worth millions of dollars regularly. The investigation began after users got their accounts locked.

 

The cryptocurrency platform

Based on the reports, Faruk Fatih, the CEO of the platform has already fled Turkey last Tuesday. Though, the police have detained 62 people that have connections with Thodex.

 

According to different sources, thousands of people had filed complaints about criminal activity against the cryptocurrency platform. According to these complaints, the users were unable to access their accounts and were locked out.

This led to the federal police issuing 78 arrest warrants against the people that might be involved in a possible theft/fraud. Currently, the website of this cryptocurrency platform is not responding. Though, the company had previously denied the existence of any fraudulent activity – as proven by the web archives.

 

According to a statement given by the cryptocurrency platform, the outage was because banks wanted to invest in Thodex. Representatives at Thodex wrote, “For this process to be completed, transactions need to be halted and the sale process needs to be completed.”

At the same time, the federal police in Istanbul said, “It is not clear where this is headed. There have been thousands of criminal complaints made in many places around Turkey.”

Overall, the cryptocurrency platform had over 400,000 users out of which 391000 users were regularly active.

 

Oguz Evren Kilic, a well-known lawyer stated that several users contacted him on Wednesday for help in this matter. He also told that similar complaints were filed against the cryptocurrency platform throughout the country.

While the CEO of Thodex has currently fled to Tirana in Albania, Thodex representatives say that he shall return to Turkey soon. At the same time, cryptocurrency payments were banned last week in Turkey. However, it is unclear whether that is because of the alleged fraudulent activities by Thodex or for some other reason.

 

Nevertheless, further details may be revealed regarding the case with time. Though, the victims who have suffered great financial losses might not want to invest in another cryptocurrency platform ever again.

 

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