The dramatic saga of one of Turkey's most notorious cryptocurrency fraudsters reached a stunning and tragic conclusion on November 1, 2025. Faruk Fatih Özer, the controversial founder and former CEO of the now-defunct crypto exchange Thodex, was discovered lifeless in his cell at a high-security prison in Tekirdağ, Turkey. His death, which officials are investigating as a suspected suicide, sends a fresh wave of shock and scrutiny through both the Turkish justice system and the global cryptocurrency community, spotlighting the high-stakes consequences of financial crime.
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| Faruk Fatih Özer in court in Tirana |
The Discovery and Launch of the Official Investigation
According to detailed reports from Turkish media outlets, Özer was found hanged in the bathroom of his solitary cell within the Tekirdağ high-security facility. The discovery was made during routine checks by prison officials. Despite the rapid intervention of medical teams and the immediate efforts of prison staff, he could not be revived.
The body of the disgraced former CEO was promptly transferred to the Institute of Forensic Medicine for a full and comprehensive autopsy. This procedure is crucial for conclusively determining the official cause of death in such a high-profile case. Simultaneously, the Tekirdağ Public Chief Prosecutor’s Office immediately launched a thorough and high-priority investigation into the incident. The probe will examine not only the circumstances immediately surrounding his death but will also include a detailed review of the security protocols and the provision of mental health services at the correctional facility. Media sources indicated that Özer was reportedly receiving regular psychological support services from the prison's dedicated unit, which will be a key point of focus for the ongoing investigation to determine if proper care and supervision were maintained.
The Fugitive’s Path: From Turkey to Albania and Back
The international element of Özer’s case is what truly set it apart. The entire scandal, which began as a major financial fraud, quickly morphed into an international manhunt, culminating in his arrest in the Balkans.
April 2021: The Disappearance and Interpol Notice. Thodex, once a prominent Turkish cryptocurrency exchange, abruptly halted all trading. Users were locked out of their accounts, leading to a massive financial panic. Özer, then in his late twenties, fled Turkey on April 20, 2021. Turkish authorities quickly issued an international arrest warrant, leading to an Interpol "Red Notice" being issued for him on charges of aggravated fraud and establishing a criminal organization.
August 2022: Capture in Albania. After more than a year on the run, Özer was successfully located and apprehended in Vlora, Albania, on August 30, 2022. This arrest, following close cooperation between Turkish and Albanian law enforcement, was a significant victory for international efforts against financial fugitives. The fact that the crypto boss was caught after an extensive manhunt in a foreign country amplified the attention on the Thodex scandal worldwide.
April 2023: Extradition and Trial. Following a prolonged legal battle in the Albanian courts, Özer was finally extradited back to Turkey in April 2023 to face the multitude of charges.
September 2023: The Unprecedented Sentence. A Turkish court delivered its historic verdict, sentencing Özer to a cumulative jail term of 11,190 years and 6 months. The charges included "establishing, managing, and joining a criminal organization," "aggravated fraud," and "laundering the proceeds of crime."
This incredibly lengthy sentence, often symbolic in nature but reflecting the severity of the financial devastation inflicted on over 2,000 victims, made Özer a historical figure in Turkish criminal jurisprudence.
Impact and Legacy of the Thodex Collapse
The death of Faruk Fatih Özer brings an unexpected and shocking end to his life but does not erase the devastation caused by the Thodex collapse. For the thousands of individuals who lost their life savings, the closure of the criminal case against the central figure may be a hollow victory.
The entire Thodex incident continues to serve as a profound cautionary tale for the global financial ecosystem. It forcefully highlighted:
The Need for Crypto Regulation: The ease with which Özer allegedly executed the multi-billion dollar exit scam underscored the severe lack of regulatory oversight in Turkey’s burgeoning crypto market at the time, prompting significant governmental changes.
The International Reach of Cybercrime: The capture and extradition process emphasized that modern financial criminals cannot simply cross a border to escape justice, requiring robust global law enforcement networks.
The Human Cost: Beyond the staggering monetary figures, the victims' impact statements—which contributed to the length of his sentence—showed the real, personal destruction caused by large-scale digital fraud.
The Tekirdağ Public Prosecutor's office has pledged a thorough and fully transparent investigation into the death. The final results of the autopsy are eagerly anticipated by the public, the victims' groups, and the international financial community, all of whom are seeking a full accounting of the life and death of the man behind one of the 21st century's most infamous crypto frauds.