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Faruk Fatih Ozer, founder of the cryptocurrency exchange Thodex, was found dead hanging in the bathroom of his single-person cell at the Tekirdag F-Type High Security Closed Penal Institution, Turkish media reported Saturday. Authorities suspect suicide and have launched an investigation.
Ozer had been held on charges of “establishing, managing, and being a member of an organization,” “aggravated fraud,” and “laundering assets originating from crime.” Prosecutors had requested a total prison sentence of 11,190 years and 6 months. Prison officials determined that Ozer had died during inspection.
Ozer was detained in Albania on Aug. 30, 2022, after fleeing Türkiye and was brought back to the country following an extradition ruling by the Durres Court of Appeal. He was arrested on April 23, 2023, by a court at the Anadolu Courthouse.
On Sept. 7, 2023, the 9th High Criminal Court of Anadolu sentenced Ozer and his siblings, Guven Ozer and Serap Ozer, to 11,190 years and six months in prison each on charges of “establishing, managing, and being a member of an organization,” “aggravated fraud,” and “laundering assets originating from crime.”
They were additionally sentenced to six years, four months, and 15 days each and fined ₺135 million ($3.21 million) for “fraud by using information systems” against one complainant, bringing their sentences to 11,196 years, 10 months, and 15 days each. Other defendants also received prison terms, while 16 defendants were acquitted due to lack of evidence and four were released.
In the indictment prepared by the Anadolu Chief Public Prosecutor’s Office, prosecutors outlined the structure of cryptocurrency exchanges and noted that Thodex was founded by Ozer with a capital of ₺400,000. According to a MASAK (Financial Crimes Investigation Board) report cited in the indictment, the platform allegedly defrauded users through fraudulent practices related to transactions.
The indictment stated that ₺253.71 million worth of crypto assets were transferred from accounts controlled by Ozer, and that a significant portion was moved to crypto wallets belonging to defendants, including Ozer, Cem Uzunoglu, and Zuhal Ozer, at a crypto asset service provider in Malta. Prosecutors said the crimes caused damages amounting to ₺356 million.
In the final opinion, prosecutors requested prison terms ranging from 12,164 to 40,562 years for 21 defendants, including seven arrested suspects. They sought 12,142 to 40,462 years for Ozer and his siblings on counts of “aggravated fraud,” “establishing an organization to commit crime,” and “laundering assets originating from crime.”
For defendant Zuhal Ozer, prosecutors asked for 8 to 18 years for “membership in an organization” and “laundering assets originating from crime,” while seeking various prison terms for the remaining defendants.
Ozer's death follows one of Türkiye’s largest cryptocurrency-related fraud cases, which left thousands of investors claiming losses after the sudden collapse of Thodex. An official investigation into the circumstances surrounding his death is ongoing.
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