Turkish exchange with $ 10 billion in crypto suddenly halts trading, CEO disappears – is this an exit scam?

Thodex, a major Turkish cryptocurrency exchange, suddenly shut down all trading yesterday. The bitcoin (BTC) exchange is now completely inaccessible and customers are concerned. More than 390,000 users suddenly can no longer access their money and crypto that are still on the Turkish stock exchange.

Thodex, founded in 2017, reports on its website that the crypto exchange must close for four to five days. The company claims that banks and investment funds want to invest in the exchange and in order to do this, all transactions must be stopped.

Thodex does not state which investor (s) it concerns, nor why the stock market should be temporarily shut down. The company does report that the "negative news on the internet does not reflect the truth."

Customers are angry and the whole thing looks very suspicious. Faruk Fatih Özer, CEO of Thodex, has since deleted all his social media accounts and has reportedly left for Albania.

The crypto exchange recently ran a Dogecoin (DOGE) campaign. Anyone who signed up with Thodex between March 15 and April 15 would receive 150 DOGE for free. That drew thousands of new users and more than 4 million DOGE tokens were said to have been distributed, but many customers are now reporting that they never received anything.

Lawyer Oğuz Evren Kılıç has filed a complaint. He fears that it is a so-called exit scam or back pull. It is estimated that the exchange could manage anywhere from $ 2 to $ 10 billion worth of crypto. Kılıç therefore compares the incident with Mt. Gox.

Unfortunately, we will have to wait a few more days to see whether this is actually a back pull and what the impact is on the market and prices. Turkey banned crypto payments last week, which makes the timing of this news extra suspicious.

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