Relatives of Thodex CEO Arrested in Turkey

A court in Turkey has arrested six people linked to the Thodex cryptocurrency exchange, including the company’s top executives and the platform’s CEO Faruk Fatih Ozer’s close relatives, Reuters reported citing a prosecutor’s office.

On 20 April, Thodex unexpectedly halted trading, initially citing technical issues, and then the transfer of the platform to a new partner.

The head of the company left the country and was declared a fugitive. According to media reports, he flew to Albania.

As part of the investigation, more than 60 people have been detained. Some said that Ozer’s relatives played a key role in Thodex and were involved in large transactions, Anadolu reported.

Earlier, the Turkish bitcoin exchange Vebitcoin ceased operations due to financial difficulties. Authorities blocked the company’s accounts.

As noted, Turkey plans to tighten requirements for cryptocurrency trading platforms and to create a centralized custodian bank to address counterparty insolvency risks in the digital asset space.