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Author Topic: Turkish wanted founder of a crypto detained in Albania  (Read 174 times)


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  • Turkish wanted founder of a crypto detained in Albania
    « on: August 31, 2022, 10:44:55 AM »
    Faruk Fatih zer is being held by Albanian officials as they wait to question him and work with the Turkish government.

    The history of the exchange continues as the founder of the now-defunct Turkish cryptocurrency exchange Thodex is being detained in Albania. On Tuesday, August 30, around 5:00 AM, local law enforcement officers conducted an operation in Tirana, the nation's capital, and detained Faruk Fatih zer.

    Zer is reportedly being detained in jail at the moment. Local officials will inform the Turkish embassy in Tirana after first inquiry. The investigation is being conducted in conjunction with the Ministry of Internal Affairs of Turkey and Albania. Zer is scheduled to be deported to Turkey after legal proceedings in Albania.

    Since last April 22, 2021, when Thodex stopped all trading and withdrawals on its platform, the story has been unfolding. The most recent change in the case is this. As a police raid drew near, the chat came to an end as the initial reports of zer's disappearance began to circulate.

    The founder later acknowledged his flight to Albania, a Balkan country, and 62 persons with probable ties to the exchange and its founder were detained by Turkish authorities shortly after. In an earlier attempt to locate zer, there had been an unsuccessful raid on a private residence in Tirana.

    Sources claim that the Thodex scandal may have affected 391,000 users of cryptocurrency exchanges and assets of $200,000,000,000.

    The ThoDex scandal and another issue concerning the shut down cryptocurrency exchange Vebitcoin were two comparable instances that Turkey had to deal with back to back. While the story played out, Turkish officials issued new crypto legislation, which included a prohibition on crypto payment options. In the past year, a number of exchanges and businesses involved with cryptocurrencies have failed in the Defi market.

    The most recent instance is the presumed missing founders of Three Arrows Capital (3AC). A legal expert has recommended Dubai, but they are unsure. 3AC recently filed for bankruptcy, yet it still owes many companies billions of dollars.

    Along with 3AC, Terraform Labs—the entity in charge of the dramatic decline of the LUNA token—was being looked into for possible fraud. The founder, Do Kwon, was the focus of extensive investigation and has since vanished. Authorities in South Korea ordered a travel ban for all of the company's employees, even though the creator of Terraform was already outside of the country.

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