NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crypto Takes Another “L” as Turkish Exchange Founder Runs With $2bn in User Funds

Samuel Wan
Samuel Wan
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Faruk Fatih Ozer, the founder of the Turkish crypto exchange Thodex, is reportedly on the run with billions of dollars of users’ funds. Reports claim the exchange website shut down on Wednesday, with a message saying trading was suspended due to an “unspecified outside investment.”

Many Turks had turned to crypto as a lifeline following the Lira’s plunging valuation. In response, the central bank moved to ban Bitcoin and other cryptos in payment for goods and services. But Ozer’s disappearance has intensified calls for an even greater crackdown.

Crypto in The Spotlight After Founder Goes Missing

Turkish authorities are on the lookout for Ozer after he fled the country with a reported $2 billion. Officials have released a photo of the suspect going through passport control at Istanbul airport. Media reports say he may have flown to either Albania or Thailand.

The Thodex crypto exchange was running forceful promotions, presumably to entice deposits in the run-up to Ozer’s disappearance. Local media talks about one such promotion in which the firm sold Dogecoin below market value. A condition of the promotion was that investors could not sell straight away.

Victims of the exit scam are filing complaints at their local prosecutors’ office. But given the unregulated nature of crypto exchanges in general, many fear their funds are lost.

Prosecutors have issued arrest warrants for 78 people. So far, 62 have been detained in an operation stretching eight Turkish provinces.

Thodex issued a statement saying adverse reports about them are untrue. They maintain that the website is down because banks and other partners had expressed an interest in investing in them.

Following the website shutting down mid-week, users took to Twitter to express concerns that their funds were inaccessible. Even at that early stage, some suspected they had been scammed.

Turkey Bans The Use of Cryptocurrency

Last week, Turkey’s central bank issued an order to ban the use of crypto in payment for goods and services. The action was a response to a rise in Turkish citizens turning to cryptocurrency to hedge against spiraling inflation and the effects of the Lira’s decline.

The bank said this was necessary as crypto presents a risk from lack of regulation and extreme volatility. The restrictions will come into effect at the end of this month.

“neither subject to any regulation and supervision mechanisms nor a central regulatory authority. Their market values can be excessively volatile.”

Many had panned the move citing government overreach. But Ozer’s disappearance will undoubtedly give Turkish President Recep Tayyip Erdoğan fuel to back up his mandate.

With that, attention is once again back on crypto exchanges. While the term, not your keys, not your coins is prevalent, victims only realize this when it’s too late.

Tweet123Share196ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

迷馬斯克發言引爆PNUT價格爆漲20% 迷因幣火熱本周末不能錯過的1000倍幣!

當迷因文化與宏觀趨勢在加密市場中交會,便構成了我們當下所看到的雙重敘事。2025年7月,加密貨幣再次成為話題核心,一邊是馬斯克發言引爆的PNUT爆漲現象,另一邊則是技術預期與基礎建設共振下的Bitco...

Mark Mak 5 hours ago

比特幣強勢爆發 標普創歷史新高 SPX6900與T6900代幣蓄勢待發 即將引爆新一輪行情

比特幣($118,661)勢不可擋,連破歷史新高;標普500指數(SPX)本周同樣創下歷史高點;迷因幣 SPX6900 雖尚未登頂,但勢頭強勁;而剛剛橫空出世的 TOKEN6900 (T6900) 也...

estherw 6 hours ago
Ethereum

Ethereum Price Breaks Through 50EMA After Rejection, ETH Dominance Sees Resurgence

The Ethereum price is once again gaining momentum and looks set to reach new highs. Crypto analyst Doctor Profit commented...

Scott Matherson 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Why The Solana Price Could Crash To $95 Before Reaching $200

Scott Matherson 1 hour ago
Dogecoin koers klaar voor groei dankzij whale activiteit?

Dogecoin-whaleactiviteit stijgt met 112%: explosieve groei verwacht

Lars Diederiksen 1 hour ago
crypto scam, crypto

Happy Ending: Crypto Hacker Returns Funds From $42 Million GMX Exploit

Rubmar Garcia 3 hours ago

Premium Sponsors

Press Releases

  • 4 kryptomeny, vďaka ktorým toto leto zmeníš 1000 € na...

    11 hours ago
  • 3 altcoiny do obserwacji w drugim tygodniu lipca 2025 roku

    3 altcoiny do obserwacji w drugim tygodniu lipca 2025 roku

    12 hours ago
  • 4 kryptowaluty, dzięki którym tego lata zamienisz 1000 zł w miliony

    4 kryptowaluty, dzięki którym tego lata zamienisz 1000...

    12 hours ago
  • 4 criptomonede cu care poți transforma 1000 de lei în milioane vara aceasta

    4 criptomonede cu care poți transforma 1000 de lei în...

    15 hours ago
  • 3 altcoinuri de urmărit în a doua săptămână a lunii iulie 2025

    3 altcoinuri de urmărit în a doua săptămână a lunii...

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.