CEO of collapsed Thodex exchange found dead in Turkish prison while serving 11,196-year sentence: report

Faruk Fatih Ozer, who founded cryptocurrency exchange Thodex in 2017 and led the firm as CEO before its sudden collapse in April 2021, died in his Turkish prison while serving out his 11,196-year sentence, according to local media reports. 

Ozer was found guilty, along with his brother and sister, of crimes including aggravated fraud, money laundering, and leading a criminal organization by an Istanbul court in September 2023, two years after the sudden collapse of Thodex left more than 400,000 users with a combined $2.6 billion in losses, according to a 2021 Chainalysis estimate. 

Ozer was found hanging in the bathroom of his single-person cell, according to local media reports. Ozer was imprisoned at the Tekirdağ F-Type High Security Closed Prison, which has historically been criticized by some human rights organizations for its use of solitary confinement and small-group isolation. 

"An investigation has been opened on this matter and is ongoing. The exact cause of death will be determined as a result of the investigation," Justice Minister Yılmaz Tunç said in a statement. "But currently, the initial findings indicate that it was a suicide."

In a statement released shortly after the collapse of Thodex, Ozer had said he thought of giving himself up or committing suicide, but chose instead to flee the country for Albania, to "stay alive and fight, work and repay my debts." Ozer was arrested in Albania in August 2022, over a year after the collapse of the exchange, and was later extradited to Turkey to face justice.