- Interpol has begun the necessary procedures to return Zer to Turkey.
- Local prosecutors seem to be asking for hundreds of years in prison.
According to a statement issued by Turkish Ministry of InteriorThe CEO of cryptocurrency exchange Thodex has been arrested in Albania. Interpol has issued an international arrest warrant for Faruk Fateh Zer, requesting all relevant law enforcement agencies around the world to search for him and subsequently arrest him.
The sudden disappearance of Thodex, which affected thousands of clients, overnight made him a wanted man. According to the Turkish authorities, Interpol has begun the necessary procedures to extradite Zer to Turkey.
Local prosecutors are apparently seeking hundreds of years in prison for bankrupt stock exchange officials, so he faces an uphill legal struggle. Although it had been in operation since 2017, Thodex unexpectedly suspended trading in April 2021, citing an unnamed offshore investment that required a suspension of four to five days.
A day later, Zeer said that hackers had caused the company to stop trading. But this investor money was safe and will be returned soon. On the same day, authorities in Turkey arrested 62 workers. They confiscated the company’s computers, and suspended the company’s bank accounts.
Although Zer had already fled to Albania at this time, the Turkish government was planning to extradite him. However, this was not as simple as expected, and the search for the culprit took months.
white streamThe company that monitors blockchain transactions revealed the finding. He speculated that it was most likely a “cash outing” where employees stole money from their clients. In light of the rapid adoption of cryptocurrencies in the country, the government has introduced legislation to create new regulations for the sector.
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