Economics, Business, Money, Finance : Crypto Exchange Founder Disappears with $2 Billion

Crypto Exchange Founder Disappears with $2 Billion

https://www.tomshardware.com/news/turkish-crypto-exchange-goes-bankrupt-losses-2-billion-usd

The founder of a popular crypto exchange in Turkey has disappeared, with media reports indicating that he has fled the country with $2 billion as roughly 300,000 frustrated users have suddenly lost access to their accounts.

In Turkey, the national currency lira has been in a secular decline for nine consecutive years, urging people to take some risks in a bid to protect their savings and maybe even earn something. As a result, the recent rise of cryptocurrencies predictably attracted many investors who hoped to protect their money and possibly gain some more. But things did not go well for them as Thodex, one of the country's largest cryptocurrency exchanges, went bust.

Fast forward to now…

https://www.bbc.com/news/world-europe-56865119

Turkey launches international hunt for cryptocurrency boss

Turkey has issued an international arrest warrant for the founder of a cryptocurrency trading platform.
State media report that Faruk Fatih Ozer fled to Albania with an alleged $2bn from 391,000 investors.
Police also arrested 62 people in simultaneous dawn raids in eight Turkish cities over alleged connections to Mr Ozer's company, Thodex.
Mr Ozer called the allegations against him "baseless" and said he is in Albania for work meetings.
The Turkish justice ministry has begun legal proceedings to seek the arrest and extradition of Mr Ozer from the Albanian capital Tirana, Andalou reported, adding that Interior Minister Suleyman Soylu had spoken to his Albanian counterpart on the phone.
Interpol issued a red notice for Mr Ozer on Friday after receiving a request from Ankara.

And I thought Robinhood was bad 😩

Real talk, I noticed a lot of these crypto-exchanges popping up lately. Something like this is bound to happen here at some point.

Re: Crypto Exchange Founder Disappears with $2 Billion

Canada's largest cryptocurrency exchange, QuadrigaCX, imploded in 2019. $250 million was "lost" when it turned out to be a Ponzi scheme. The official story is that the owner "died aged 30 from complications with Crohn's disease while volunteering at an orphanage in India." Nobody is certain that he actually died. I suppose it's possible that a con artist running a Ponzi scheme might volunteer at an orphanage in India but it sounds far-fetched.

Re: Crypto Exchange Founder Disappears with $2 Billion

Lol, without knowing any background info, I can confidently say that sounds like the biggest load of shit

Re: Crypto Exchange Founder Disappears with $2 Billion

Pffft! Unbelievable and y'all not worried about viral pandemics either.


Y'all worked about me and my rant though.

Re: Crypto Exchange Founder Disappears with $2 Billion

What rant, Donna luv?

Re: Crypto Exchange Founder Disappears with $2 Billion

LOL I just heard your meltdown. Well done, you’re up there with Christian Bale

Re: Crypto Exchange Founder Disappears with $2 Billion



In the latest development in this bizarre saga, in a statement published from an unknown location, Thodex CEO Faruk Fatih Ozer promised to repay investors and to return to Turkey to face justice after he did.

“I was born as one of the three siblings of a civil servant,” Ozer said in his statement, adding that he’s a high-school dropout. As the company ran into financial trouble, he said he thought about either committing suicide or giving himself up to authorities, but both of those options meant clients’ assets would never be retrieved.

“So I decided to stay alive and fight, work and repay my debts to you,” he said. “The day I repay all my debt, I will return to my country and give myself in to justice.”

Narrator: "he won't return."
Full article: https://www.zerohedge.com/crypto/dozens-arrested-after-ceo-turkish-crypto-exchange-flees-2-billion

Re: Crypto Exchange Founder Disappears with $2 Billion

The narrator was truly reading my mind

What kind of BS excuse is that… “don’t be afraid that I moved to a no extradition country, I promise I’ll pay u back”

Re: Crypto Exchange Founder Disappears with $2 Billion

lol

This scenario makes me wonder how anybody can trust any crypto currency.

Re: Crypto Exchange Founder Disappears with $2 Billion

You can’t

Harold,the singing angel harks.

Re: Crypto Exchange Founder Disappears with $2 Billion

That hasn't stopped lots of money from pouring into them. All those people might wake up some day and find their precious Bit Coins bit the dust, lol.

Re: Crypto Exchange Founder Disappears with $2 Billion

Is a bit coin ,an actual coin ,backed by anything physical ? To me it’s something created out of thin air, and the power of people believing anything thing they here on the internet is what drives its value.

Harold,the singing angel harks.

💲 Crypto Exchange Founder Disappears with $2 Billion

To make any money, you have to find a bigger fool to buy your coin. It's a house of cards that will come crashing down some day, but that's true of all fiat currencies. The only money investments that interest me involve gold and silver.

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💲 Crypto Exchange Founder Disappears with $2 Billion

The only money investments that interest me involve gold and silver.
Keep stackin'.

💲 Crypto Exchange Founder Disappears with $2 Billion

¿Zolotoy? You must like gold also. I wonder how many others here know that word, tovarishch.

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💲 Crypto Exchange Founder Disappears with $2 Billion

Very true ,even that game stop bullshit was such that at one point if everyone wanted to sell their shares ,they would of been fucked. And to all these idiots that think they fucked the rich over , by that squeeze , they also fucked over peoples 401k’s and the game stop CEO still got a 173 million dollar buy out.

Harold,the singing angel harks.

Re: Crypto Exchange Founder Disappears with $2 Billion

All crypto currencies are ponzie schemes.

Harold,the singing angel harks.

Re: Crypto Exchange Founder Disappears with $2 Billion

Mind you, this article is about a cryptocurrency exchange, not actual cryptocurrency. I don’t think cryptos like BTC are going anywhere
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