THELOGICALINDIAN - Hundreds of bags of crypto traders in Turkey lose their funds afterwards the exchanges CEO fled the country
After antecedent letters of a “Turkish Mt. Gox” event, Thodex is now clearly beneath bent analysis for counterfeit action accretion added than $2 billion.
Thodex CEO Denies Allegations
According to a report by a Turkish account agency, a bent complaint was filed adjoin Thodex’s 27-year-old CEO, Faruk Fatih Ozer. The complaint alleges that the CEO absconded with customers’ funds accretion over $2 billion.
Ozer has denied the allegations on his now-deleted Twitter account, claiming he was at a business affair in Albania.
On Apr. 21, Thodex abruptly shut bottomward all trading and armamentarium withdrawals, blocked 391,000 users from accessing their funds.
Meanwhile, the Turkish Police accept bedfast 62 bodies affiliated with the barter and issued apprehension warrants for 16 others. The Financial Crimes Investigation Board (MASAK) is additionally investigating the artifice and has arctic all coffer accounts affiliated with the exchange.
When its operations were halted, Thodex’s aggregate was about $ 585,513,644, as per data from CoinMarketCap.
As one of the country’s arch exchanges, Thodex has offered a acceptable belvedere for investors attractive to escape fast-rising inflation. After its civic currency, the lira, alone added than 50% in amount back August 2018, Turkish citizens flocked to Bitcoin as a safe-haven asset.
The amount charcoal high, however. The lira battled a 16% aggrandizement as of March 2024.
Crypto trading volumes in Turkey for February and March were recorded aloft $26 billion.
Nevertheless, the government has bidding action to the asset class, claiming “irreparable” accident and bread-and-butter risks. Events like that of Thodex alone strengthen the government’s views.
This action has embodied itself in a law which bans the use of cryptocurrencies as payments. It goes into aftereffect on Apr. 30.
Disclosure: The columnist does not authority the cryptocurrency mentioned in this commodity at the time of publication.
