CEO Of Turkish Exchange Thodex Flees



The CEO of Turkish cryptocurrency exchange Thodex, Faruk Fatih Ozer, has fled the country after failing to transfer his shares to another investor, leaving “the remaining assets of about 390,000 active users ‘irretrievable,’” according to a report by Bloomberg.

Thodex’s lawyer, Bedirhan Oguz Basibuyuk, said the CEO fled Turkey because he would have been “either arrested or committed suicide” otherwise. Basibuyuk also explained that there was a liquidity problem with the exchange, explaining by phone that “[there] was a decline in Thodex’s assets. When too many users demanded their money back, the company was unable to meet those,” per the report.