27-year old founder and CEO of Thodex, one of Turkey’s largest crypto exchanges, Faruk Fatih Ozer has fled the country, according to Bloomberg. The exchange said it lacked financial soundness to maintain operations.
Uncertainty surrounds users whose funds were trapped in the exchange, as Turkish authorities try to locate the whereabouts of the founder.
The missing CEO issued a statement from an unknown location promising to return the investors money and get back to Turkey for trial.
Turkish government has blocked the company’s accounts.
It is estimated that investors could have lost as much as $2 billion from about 390,000 active users, figures which Ozer has disputed.
A senior official in government has called for rapid regulation of the crypto market as authorities work on the details of the matter.
Thodex was part of Turkish crypto boom that attracted users seeking to protect their savings from inflationary pressures and fluctuating currency.
