Why did thodex collapse in Turkey?

The collapse of Thodex was particularly shocking in Turkey, coinciding as it did with the devaluation of the Turkish lira and subsequent inflation in the country. Once the biggest crypto exchange in Turkey, Thodex collapsed in 2021, leaving 400,000 users without access to their crypto deposits.

Did thodex collapse?

About a year after Thodex collapsed, the fugitive founder was arrested in Albania in August 2022. Additionally, Turkish police detained 62 people over talleged Thodex exit scam, also arresting some siblings of the then-missing CEO.

What happened to thodex and Zer?

A judicial fine of 135 million liras ($5 million approx.) was also imposed. Thodex was one of Turkey's largest crypto exchanges before it suddenly went offline in April 2021 and Özer went missing.