Crypto Scam, Frozen Assets and Missing CEO Lead to Raids in Turkey

Crypto Scam, Frozen Assets and Missing CEO Lead to Raids in Turkey

Reports indicate that a Turkish crypto exchange used the popular cryptocurrency Dogecoin as bait to lure investors into a fraudulent scheme.

The Agence-France Presse (AFP) reports that the Istanbul-based cryptocurrency exchange Thodex ran a Dogecoin promotional campaign where it sold the meme cryptocurrency at a quarter of its market price.

However, investors and traders were subsequently unable to withdraw or convert their Dogecoin into other digital assets. The Turkish cryptocurrency exchange is now allegedly holding around $2 billion of investor funds and its CEO, Faruk Faith Ozer, has reportedly fled Turkey.

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According to the AFP,

“Turkish authorities on Friday started procedures to issue an international warrant to arrest and extradite the missing founder of a cryptocurrency exchange, state media reported.

Thodex founder Faruk Fatih Ozer fled, officials said, to the Albanian capital of Tirana with a reported $2 billion in investors’ assets.”

A photo of Ozer slipping through passport control at Istanbul Airport, presumably en route to an undisclosed

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