Crypto scammer stole $2 billion from clients, faces 40,000 years in jail

Faruk Faith Ozer was arrested in Albania

The founder of a Turkish crypto exchange platform who fled after stealing $2 billion from clients has been arrested in Albania. Faruk Faith Ozer, founder of Thodex, is currently facing extradition back to Turkey, where he could be sentenced to 40,564 years in jail.

Ozer fled Turkey in April 2021 after stealing around $2 billion from 400,000 clients. He initially claimed that Thodex had to stop trading due to cyberattacks. Within a week, however, clients lost access to their accounts and subsequently, their crypto funds as the 28-year-old founder fled the country.

Ozer, who became the subject of international investigation, was recently tracked down in Albania where his identity was confirmed using biometric authentication. He had reportedly shaved his head to avoid identification but fingerprint data and facial recognition helped confirm him as the fraudster.

The Turkish Interior Ministry released a statement saying his extradition process had been initiated by Interpol.

According to local reports, a prison sentence of over 40,000 years is sought for Ozer and a handful of other Thodex employees. Twenty one defendants are on trial in the lawsuit filed

In a statement Tuesday Albanian police said the 28-year-old Ozer had been arrested at a hotel in Himara, a small town in southern Albania.

Two people suspected of having assisted him were also arrested, police said, with computers, mobile phones and bank cards seized.

Istanbul-based Thodex was started in 2017 and gained a massive customer base in Turkey, thanks to the declining value of the Turkish lira which prompted many citizens to look at crypto as a means to safeguard their assets.