It should be noted that we already considered the topic of this cryptocurrency exchange in April this year. At that time it was known about the scam of the equivalent of 108 million dollars, and for such a crime the former head was promised 40,564 years in prison for a total damage of 2 billion dollars. Read more about the story in a separate article.

Fraud in the cryptocurrency world

Thodex had been operating since 2017, but suddenly stopped trading crypto in April 2021, citing “technical difficulties”. A day afterwards, Ozer claimed that the company had been forced to stop trading due to a cyberattack. Customer funds allegedly remained safe and the exchange was expected to open withdrawals from accounts in the near future.

The suspect Farooq Fatih Ozer

According to Decrypt’s sources, Turkish police detained 62 people connected to Thodex on the same day, and seized the company’s computers and froze its accounts. By this point, Ozer had already fled to Albania, although the Turkish government was preparing for his extradition. So he should have been apprehended much earlier, and the process dragged on for months.

Ozer’s arrest

The suspect was eventually found in the Albanian town of Vlora. His identity was confirmed using biometric data, the Albanian interior minister said. The culmination of the chase for the swindler is very close – there is now virtually nothing to prevent Turkish authorities from taking Ozer back to Turkey. In that country he will surely face a sad outcome – he could face life imprisonment for fraud on a large scale.

😏 FIND MORE FROM US AT YANDEX.ZEN!

Catching fraudsters is good in the long run for the reputation of the crypto industry. Even more positive for the industry is the launch of another major crypto fund called Kryptós. It was announced this week by venture capital firm Seven Seven Six, which is owned by Reddit co-founder Alexis Ohanian. The firm plans to raise $177.6 million for follow-on investment in the industry.

Reddit co-founder Alexis Ohanian

Kryptós will charge investors a 2.5 per cent management fee when the fund launches in October and will offer up to 25 per cent of any profits generated. If the fund grows five-fold some time after launch, the payout should rise to 35 per cent.

Kryptós itself is the company’s first fund focused exclusively on cryptocurrencies. As noted in the organisation’s relevant marketing materials, “there is now potentially a unique opportunity to invest in strong funders at a discount.” Accordingly, the organisation’s representatives are not only aware of the characteristics of the current bear market, but also concede that such rates should be taken advantage of.

Founding partner Caitlin Holloway commented with an equally confident quote. Here’s her retort, which Decrypt cites.

Saleout. Everything is on sale right now.


In this case, a sell-off is referred to by experienced investors as the stages of a market crash. In essence, what is happening in the niche is indeed characterised by serious discounts - especially when compared to the record prices of particular coins. However, it is important to realise that not all companies go through such periods, as they may be trivialised by a lack of finances amid a decline in investor interest. Consequently, those looking to buy should take the time to familiarise themselves with the fundamentals of a particular project so that they do not end up holding a devalued token for years to come.

That is, a bearish trend is not only a time of discounting, but also a period of much higher risk.


Cryptocurrency buying by investors


It looks like this news will be another warning to people who plan to scam cryptocurrency users. The only thing left for coin lovers to do is to be careful and at least not keep all coins in one place. In that case, the risks of big losses will be proportionally reduced.


Stay tuned for more news in our millionaires cryptochat. There we will discuss other important events that are in one way or another related to the world of blockchain and decentralisation.