JAKARTA The founder of the crypto exchange Thodex, which has stopped operating, Faruk Fetih ER, has denied all allegations of fraud against him during a trial in Turkey. The 29-year-old allegedly fled after Thodex's trading service was discontinued and its website closed.
Rumors say that wayzer fled with more than $2 billion in user funds, making it the country's largest crypto scam scheme in the country's history. Whozer was arrested in Albania last summer and deported to Turkey, in which legal proceedings will determine his involvement in the collapse and possible penalties to be imposed.
In an 11-hour trial, ERADICATORs claimed that the allegations that he deceived Thodex's many customers and drained their assets were untrue, adding that he was "trapped". According to him, initially his company focused on e-commerce, but then he was interested in cryptocurrencies and changed the direction of his company towards it.
Thodex explained that Thodex plunged into the world of digital assets because in 2017 no crypto company was eligible in Turkey. According to him, the company's transactions were carried out automatically, while he became the "authorized" person to oversee the activity. He also revealed that several employees, including his two siblings, were illegally imprisoned.
In the spring of 2021, crypto exchange Thodex suspended trading services, four years after its establishment. This news shocked 400,000 company customers, who had no choice to withdraw their funds.
The CEO of Thodex Faruk Fetih Zeezer is reluctant to resolve this issue and does not cooperate with local authorities. He chose to flee the country and allegedly brought more than $2 billion in user money. After more than a year, penyezer was arrested in Albania in August 2022, and Turkish authorities insisted on trying him.
The legal process against Faruk Zezer will continue to determine its level of involvement in Thodex's collapse and possible penalties to be imposed. The case raises significant concerns about investor protection in the cryptocurrency industry and highlights the need for regulatory measures to prevent similar incidents in the future.
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