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

• Who Was Faruk Fatih Özer and What Happened to Thodex?
• How Did Özer Die, and Why Is His Death Suspicious?
• Was Özer’s Trial Fair, and What Role Did Politics Play?
• What’s Next for Thodex’s Victims and Turkey’s Crypto Industry?
• FAQs About the Thodex Scandal and Özer’s Death

In a shocking turn of events, Faruk Fatih Özer, the disgraced founder of the collapsed cryptocurrency exchange Thodex, was found dead in his prison cell in Turkey. The 31-year-old entrepreneur, sentenced to over 11,000 years for fraud and money laundering, allegedly hanged himself just as his case was set for retrial. This article dives into the mysterious circumstances surrounding his death, the unresolved Thodex scandal, and the lingering questions about justice in Turkey’s crypto landscape.

Who Was Faruk Fatih Özer and What Happened to Thodex?

Faruk Fatih Özer was once a rising star in Turkey’s crypto scene, founding Thodex in 2017. The exchange quickly gained traction, but in April 2021, it abruptly halted operations, locking out thousands of investors from their accounts. Özer fled to Albania but was extradited back to Turkey in 2023 after a lengthy manhunt. By then, Thodex had collapsed, leaving behind losses estimated between $24 million (per official claims) and a staggering $2.6 billion (according to Chainalysis). Özer was convicted later that year alongside 20 others, including his brothers, for running a criminal organization, fraud, and money laundering.

How Did Özer Die, and Why Is His Death Suspicious?

On the morning of November 1, 2025, guards at Tekirdağ High-Security Prison found Özer’s body in his isolated cell. Authorities claim he used a towel and bedsheet to hang himself in the bathroom, labeling it a suicide. However, his lawyer, Sevgi Erarslan, disputes this, citing negligence. She revealed Özer had been increasingly withdrawn, refusing visits from family and skipping court hearings. Worse, his body wasn’t discovered until nearly 10 hours after death—raising questions about prison oversight. Mysterious notes were found in his cell, including one titled "Bird’s Dream" and another detailing suicide methods. Oddly, Özer reportedly told guards the night before that he’d "be free by February."

Was Özer’s Trial Fair, and What Role Did Politics Play?

Özer’s lawyer insists he never received a fair trial, calling it a "lost case" marred by injustices. Media reports add another layer: Thodex’s alleged ties to Turkish politicians. Journalist Adnan Bulut claimed Özer’s inner circle included the sons of a parliament member and a minister, fueling speculation that his death might silence further revelations. While Turkey’s Justice Ministry denies foul play, the lack of a forensic report and the timing—just as appeals reopened his case—leave room for doubt.

What’s Next for Thodex’s Victims and Turkey’s Crypto Industry?

With Özer’s death, victims of Thodex may never recover their losses. The case highlights the risks of unregulated crypto markets and the need for stricter oversight. For Turkey, where inflation has driven many to cryptocurrencies, the scandal is a cautionary tale. Meanwhile, exchanges like BTCC continue emphasizing transparency—a lesson Thodex ignored.

FAQs About the Thodex Scandal and Özer’s Death

How much did investors lose in the Thodex collapse?

Estimates vary wildly: Chainalysis reports $2.6 billion lost, while Turkish prosecutors cite just $24 million. The gap suggests unresolved discrepancies in tracking stolen funds.

Why was Özer sentenced to 11,196 years?

Turkish law allows cumulative sentences for each fraud count. Özer’s sentence—though symbolic, given human lifespans—reflected the scale of alleged crimes.

Could Özer’s death be linked to political cover-ups?

While unproven, his alleged connections to politicians’ families and the rushed suicide narrative have sparked conspiracy theories. Independent investigations are pending.