- Faruk Fatih Özer found dead; investigation ongoing in Tekirdag.
- Over 390,000 Thodex users affected by collapse.
- Potential increase in Turkish regulatory scrutiny.
Faruk Fatih Ozer, former CEO of Thodex, was discovered deceased, suspected suicide, in Tekirdag, Turkey, while under pre-trial detention, on November 1, 2025.
This incident underscores the continuing risks and challenges in crypto exchange management and highlights Turkey’s emphasis on tightening regulatory oversight in its rapidly evolving crypto market.
Özer’s Death Sparks Intense Investigation and Speculation
Former Thodex CEO Faruk Fatih Özer was found dead in pre-trial detention in Tekirdağ, Turkey, on November 1, 2025. Özer’s death, suspected to be a suicide, has prompted an official investigation focusing on this hypothesis, intensifying scrutiny on the case.
Özer, once a significant figure in Turkey’s cryptocurrency space, fled to Albania following Thodex’s abrupt collapse, which led to massive losses for 390,000 investors. In 2023, he was extradited back to Turkey and sentenced to over 11,196 years in prison for fraud. Thodex’s collapse was among Turkey’s largest crypto scandals, involving user asset losses spanning between $30 million and $2 billion.
Thodex Case Highlights Ongoing Challenges in Crypto Regulation
Did you know? The collapse of the cryptocurrency exchange Mt. Gox in 2014, which led to similar investor losses, catalyzed increased regulation, shaping current industry practices worldwide.
Bitcoin’s value stands at $110,112.34, with a market cap reaching approximately $2.20 trillion and dominating 59.24% of the market, as per CoinMarketCap. Over 24 hours, trading volume fell by 30.31% to $45.86 billion, with slight gains of 0.28% noted. The Coincu research team identifies potential regulatory backlashes and increased scrutiny surrounding centralized exchanges, emphasizing the enduring challenges inherent in cryptocurrency governance. These historical cases spotlight vulnerabilities within the crypto industry, urging stakeholders to advocate for comprehensive security measures.
Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 11:01 UTC on November 1, 2025. Source: CoinMarketCapThe ongoing investigation into Özer’s death highlights ongoing legal challenges and public interest in the broader investigation of the Thodex case’s financial irregularities. Turkish authorities remain focused on tightening regulations following Thodex’s fallout. So far, no official statements related to Özer’s death have been made by Özer’s legal representatives or family members. This silence extends to the broader cryptocurrency industry, with notable figures in the sector not commenting on the incident.
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Source: https://coincu.com/news/thodex-ceo-faruk-fatih-ozer-death/
