Why is thodex so popular in Turkey?

Thodex was part of the cryptocurrency boom that has drawn in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency. Inflation hit 16.2% in March, more than three times the central bank’s target of 5%. The Turkish lira has weakened 10% against the dollar this year, its ninth consecutive year of losses.

Is thodex a scam?

A surge in the prices of digital tokens has been accompanied by convictions globally in scams tied to crypto platforms [File: Chris Ratcliffe/Bloomberg] The Turkish crypto exchange Thodex ceased operations and its chief executive officer has fled the nation amid allegations that hundreds of millions of dollars were stolen.

What happened to Turkey's largest cryptocurrency exchange?

Follow us @crypto for our full coverage. One of Turkey’s largest cryptocurrency exchanges said it lacked the financial strength to continue operations, leaving hundreds of thousands of investors fearing their savings have evaporated as authorities sought to locate the company’s 27-year-old founder, who fled the country.

Why did thodex fail?

Thodex was unable to continue commercial operations after Ozer failed to transfer his “shares to another investor,” the CEO said in a statement on the company’s website. He blamed the exchange’s financial woes on a “hacking incident” he said happened years ago.