With the mysterious sudden disappearance of Faruk Fatih Ozer, the founder of the cryptocurrency Thodex, investors all over Turkey are scratching their heads. Ozer is alleged to have flown to Albania taking with him 2 billion dollars of investor’s funds, leaving them furious.
Investors who are a part of this theft have been continually checking the website for Thodex, only to get a response that the website for the company is currently offline, the closure of the website took place after a mysterious message appeared last week saying that the company needed five days to handle an unspecified outside investment. Many of those investors who put their trust and their hard earned life savings feel like they will never see the money that they lost again. According to the website, the reports for the financial losses are listed as “Unfounded.”
Lawyers in Turkey have endless complaints filed against Ozer, his company has 400,000 users, with 390,000 of them active users. Before he went into hiding, Ozer argued that only 30,000 users were affected. Mr. Ozer called the allegations against him blameless, and stated prior to his disappearance that he was going on a business trip.
Warrant For Arrest
Interpol is currently on the lookout for Ozer, so far, they have 78 arrest warrants out for individuals connected with Ozer, with 62 of those individuals arrested so far. When Mr. Ozer is captured, he is expected to be extradited back to Turkey.
Increasing numbers of Turkish residents are becoming more and more dependant on using cryptocurrency in order to protect their life savings and investments, after experiencing a decline of the Lira, which is the currency of Turkey. Starting on April 30th 2021, Turkey will ban the use of cryptocurrency to pay for all goods and services throughout the country.
Due to the Co-vid19 pandemic, other countries such as Australia are also exploring the option of going cashless and becoming more dependent on cryptocurrency. With online hackers and the case with Thodex, a small majority of people are still optimistic about putting their life savings in the hands of another party.
Janet Yellen Monitoring
U.S. Treasury Secretary Janet Yellen is concerned about the misuse of cryptocurrency, she is in support of strict new rules which will make Americans less vulnerable to be victims of cryptocurrency money laundering. A recent anti money laundering rule proposed by Government leaders, would require all U.S. citizens who hold cryptocurrency in a digital wallet to undergo identity checks for personal or business transactions of $3,000 or more.
Written by: Gary Taylor