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Fatiha Ozera, the founder of the Turkish cryptocurrency exchange THODEX, was arrested and charged with fraud and money laundering by the Turkish law enforcement after being deported from Albania.
The sudden closure of THODEX in April 2021, which resulted in the loss of millions of dollars for users unable to access their accounts, raised concerns about the lack of regulation and oversight in the cryptocurrency industry.
Representatives of THODEX cited a “partnership proposal” as the reason for the closure, but no further details were given. Ozera’s arrest emphasizes the need for conducting thorough due diligence and research on the reputation and history of a cryptocurrency exchange before entrusting it with personal information or investments.
What Was Wrong With THODEX
THODEX’s sudden closure without warning caused users significant losses, and the subsequent arrest and extradition of founder Fatiha Ozera has highlighted the platform’s controversy. Reports suggest that THODEX’s trading volumes may have reached billions of dollars before the exit scam, and millions of dollars were transferred to wallets linked to major exchanges.
Imprisoned For Life
The case has requested severe sentences for all defendants involved, ranging from 12,164 years to 40,564 years in prison. This incident serves as a warning to be aware of the risks associated with using cryptocurrency exchanges.
As part of the investigation into the THODEX case and the actions of its founder, Fatiha Ozer, Turkish authorities detained over 80 people. Among those taken into custody were Ozer’s brother and sister. The exact reasons for their detention are unclear, but it is likely that they were being questioned in connection with the ongoing investigation.
The THODEX case has drawn attention to the need for greater regulation and oversight in the cryptocurrency industry to prevent fraud and protect consumers. While cryptocurrencies offer many benefits, they also come with risks, such as the potential for scams and fraud. It is important for consumers to exercise caution and conduct thorough research before using any cryptocurrency exchange.