Albanian Court Approves Extradition of Crypto Exchange Thodex Founder to Turkey CryptoCurrencies and ICOs


An Albanian court has ordered the extradition of the fugitive founder of cryptocurrency exchange Thodex to Turkey, where he is wanted for fraud and other crimes. Faruk Ozer was arrested in Albania this summer, after going missing last year when the coin trading platform crashed.

Albanian judiciary prepares to hand over alleged cryptocurrency scammer and founder of Thodex to Turkey

A court in the Albanian city of Elbasan has authorized the extradition to Turkey of the founder and CEO of the now-defunct Turkish crypto exchange Thodex. Faruk Fatih Ozer, 27, was detained in the Balkan nation at the end of August.

The order follows a series of court hearings over the past three months. Quoted by Turkey’s Anadolu Agency, Judge Elis Dine noted that the decision can be appealed to the Durres Court of Appeal within 15 days.

Ozer fled Turkey after Thodex, which drew 400,000 users during the country’s cryptocurrency boom, suddenly went offline in spring 2021. He was last seen on video from Istanbul airport and is believed to have set off for Albania with $2 billion from investors. money.

In April 2021, Turkey issued an international arrest warrant for the crypto entrepreneur and he was wanted by Interpol for fraud with a red notice.

Following Ozer’s arrest on August 30, the Elbasan Magistrate Court extended his detention on September 2. Later, his defense lawyers appealed on September 14, but the Court of Appeals of Durres confirmed his preventive detention on September 20.

More than 60 people were arrested in Turkey in connection with the Thodex case. Prosecutors are seeking prison sentences totaling thousands of years for the exchange’s founders and executives who were accused of committing fraud and money laundering as part of an alleged exit scam that resulted in losses exceeding $350 million. Turkish lira (about $19 million at current rates).

Turkish crypto exchange Vebitcoin was also investigated when it ceased its activities after the country’s central bank banned crypto payments. Coinzo, another major national platform, also shut down. This week, Turkey’s financial intelligence unit launched an investigation into the collapse of FTX, one of the world’s largest digital asset exchanges.

tags in this story

albania, albanian, arrest, collapse, court, crypto, crypto exchange, cryptocurrencies, cryptocurrency, exchange, executive, exit scam, extradition, founder, fraud, scammer, investors, scam, thodex, turkey, turkish

Do you expect Albania to proceed with the extradition of the founder of crypto exchange Thodex to Turkey? Tell us in the comment section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is who I am, more than what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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