Thodex Founder Faruk Fatih Özer Found Dead in Turkish Prison: A Cryptocurrency Scandal’s Tragic End

• Who Was Faruk Fatih Özer?
• How Did Özer Die?
• Was Özer’s Trial Fair?
• What Were the Mysterious Notes Found in His Cell?
• Did Thodex Have Ties to Turkish Politicians?
• How Much Did Investors Lose?
• What’s Next for the Thodex Case?
• Final Thoughts
• FAQs About the Thodex Scandal

In a shocking turn of events, Faruk Fatih Özer, the founder of the collapsed cryptocurrency exchange Thodex, was found dead in his Turkish prison cell on Saturday. The 31-year-old entrepreneur, who was sentenced to over 11,000 years in prison for fraud and money laundering, allegedly took his own life. His death raises questions about prison conditions, legal fairness, and the lingering mysteries of the Thodex scandal—including rumored ties to Turkish politicians. Here’s what we know.

Who Was Faruk Fatih Özer?

Faruk Fatih Özer was the founder and CEO of Thodex, a now-defunct cryptocurrency exchange headquartered in Istanbul. In 2021, Thodex abruptly halted operations, locking thousands of investors out of their accounts. Özer fled to Albania but was later extradited to Turkey, where he faced charges including fraud, money laundering, and leading a criminal organization. In 2023, he was sentenced to 11,196 years in prison—a symbolic figure reflecting the scale of the alleged crimes.

How Did Özer Die?

Özer was found hanging in his cell at Tekirdağ High-Security Prison. Guards discovered his body in the bathroom, where he had used a towel and a bedsheet to end his life. Turkish authorities quickly labeled it a suicide, but his lawyer, Sevgi Erarslan, disputes this narrative. She claims Özer had been diagnosed with anxiety disorder and was under medication, yet prison staff failed to monitor him adequately. "He was found up to 10 hours after his death," Erarslan told Bloomberg. "This suggests negligence."

Was Özer’s Trial Fair?

Erarslan insists Özer did not receive a fair trial. "We’ve experienced a lot of injustice," she said. Despite appeals overturning the original verdict in early 2025, Özer remained in detention, along with his siblings and other co-defendants. His lawyer believes this contributed to his despair. "He lost hope when he saw his close ones still imprisoned," Erarslan told Turkish journalist İsmail Saymaz.

What Were the Mysterious Notes Found in His Cell?

Investigators reportedly discovered handwritten notes in Özer’s cell after his death. One detailed the steps for hanging oneself, while another was titled "bird dream." Oddly, Özer had reportedly told prison staff the night before that he WOULD "be released in February." These contradictions have fueled speculation about the true circumstances of his death.

Did Thodex Have Ties to Turkish Politicians?

Journalist Adnan Bulut claims Özer’s inner circle included the sons of a parliament member and a government minister. "His partners were politically connected," Bulut revealed. While unconfirmed, these allegations add another LAYER of intrigue to the Thodex saga. Some speculate that Özer’s death might now close the case permanently.

How Much Did Investors Lose?

Estimates vary wildly. Blockchain forensics firm Chainalysis pegs losses at $2.6 billion, while Turkish prosecutors cite a much lower figure of $24 million. The discrepancy highlights the chaotic nature of the Thodex collapse—and the challenges of tracking crypto fraud.

What’s Next for the Thodex Case?

With Özer’s death, the legal proceedings may stall. His siblings and co-defendants remain in custody, and the appeals process is ongoing. Meanwhile, Turkey’s Ministry of Justice maintains there was no foul play, insisting the death was a suicide. A forensic report is pending.

Final Thoughts

Özer’s story is a cautionary tale about the risks of unregulated crypto markets—and the human cost of financial scandals. Whether his death was a tragic end or something more sinister remains unclear. One thing’s certain: the Thodex saga isn’t over yet.

FAQs About the Thodex Scandal

What was Thodex?

Thodex was a Turkish cryptocurrency exchange that collapsed in 2021, locking users out of their accounts.

How long was Özer sentenced to prison?

He received an 11,196-year sentence in 2023, though appeals later overturned the verdict.

Were there political connections in the Thodex case?

Rumors suggest Özer had partners linked to Turkish politicians, but this remains unconfirmed.

What were the losses from Thodex’s collapse?

Estimates range from $24 million (per prosecutors) to $2.6 billion (per Chainalysis).