Faruk Fatih Ozer, founder and former CEO of cryptocurrency exchange Thodex, has died in a Turkish prison while serving an 11,196-year sentence, according to local media.
Ozer, his brother and sister were sentenced by an Istanbul court in September 2023 for aggravated fraud, money laundering and running a criminal organization. Thodex's sudden collapse in 2021 cost more than 400,000 users a total of about $2.6 billion, according to Chainalysis estimates.
Ozer's body was found hanging in a single cell at Tekirdağ F-Type prison, which has been criticized for its use of solitary confinement. Justice Minister Yılmaz Tunç said an investigation was underway, and the initial cause of death was believed to be suicide.
After Thodex collapsed, Ozer said he considered turning himself in or committing suicide, but then fled to Albania to “continue living, working and paying off his debts.” He was arrested in Albania in August 2022 and later extradited to Turkey for trial.
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