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• 27-year-old CEO of the exchange flees after continuous complaints from users.
•Losses could toll over $2 billion
•Official website will be up soon again, promises the exchange.
Turkish cryptocurrency exchange, Thodex is in peril as its 27-year-old founder and CEO flees, leaving the exchange bankrupt. This happened soon after thousands of users filed complaints accusing the exchange of stealing their funds.
Thodex Declares Lack of Financial Resources
Authorities are still looking for Thodex’s cryptocurrency exchange fled CEO, Faruk Fatih Ozer. The exchange deemed itself incapable of further continuing any financial operations. This has left thousands of users uncertain and worried about their savings in the exchange. The exchange’s official website wasn’t accessible to the users for the last 4-5 days, which created a massive uproar.
Over 30,000 Users Already Affected
According to CoinMarketCap, before this event, the exchange was trading cryptocurrencies worth $585 million. Moreover, the exchange had over 400,000 users, out of which more than 90% of users were active. It is estimated that losses could be $2 billion, and as of now, almost 30,000 users have already been affected. However, a statement from Thodex’s CEO clarified that he is willing to face justice after he returned to Turkey and promised to return the funds to the investors.
On the other hand, Thodex confirmed that the official website would be available shortly. The executives are already deactivating their social media handles while the exchange’s customer service doesn’t work anymore. A message was put up on the exchange’s website that advised the users to ignore the unnecessary and negative news on the internet, and there’s no reason for concern.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
