Evaluating only Thodex’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. Documented cause: Fraud.
Key Events Timeline
FOUNDING
Faruk Fatih Özer founded Thodex in Turkey, rapidly growing it into the country's most-used domestic crypto exchange.
PRODUCT LAUNCH
Thodex promoted DOGE and other tokens with controversial promotional campaigns including free distributions to new users.
FRAUD EXPOSURE
Thodex halted all trading without notice; CEO Özer boarded a flight to Albania carrying assets belonging to 391,000 users.
SHUTDOWN
Özer extradited from Albania, tried and sentenced to 11,196 years in prison along with his siblings for aggravated fraud.
Full Analysis
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Documented cause
Thodex, Turkey's most popular domestic crypto exchange, abruptly halted trading in April 2021 with CEO Faruk Fatih Özer fleeing to Albania. Approximately 391,000 active users were left unable to access funds estimated between $2 billion and $13 billion. Turkish authorities issued international arrest warrants; Özer was extradited from Albania in 2022 and sentenced in 2023 to 11,196 years in prison along with siblings Serap and Güven Özer. It became one of the largest crypto fraud cases in history.
Lesson
“Domestically dominant exchanges with no international oversight can execute exit scams with devastating scale.”