CEO of bitcoin brokerage with 390,000 investors disappears and may leave $ 2 billion debt

Charlie Taylor

At just 27 years old, the founder of bitcoin brokerage Thodex vanished and left more than 390,000 investors desperate and losses that could reach $ 2 billion. Thodex is a Turkish broker, one of the largest in the country, which has benefited from rampant inflation and unstable political conditions in Istanbul. In March alone, Turkey registered an inflation of 16.2%, with the Turkish lira falling 10% against the dollar this year. Cryptocurrency trading reached one third of trading on the local stock exchange. Despite the boom, the missing founder Faruk Fatih Ozer said the company was experiencing financial difficulties. In a letter published from an unknown location, Faruk says he thought about committing suicide or surrendering to the authorities, but in both cases investors would be left without cryptocurrencies.

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"So I decided to stay alive and fight, work and pay my debts with you," he said.

History of brokerage firms disappearing with bitcoins

The numbers are impressive, but this is not the first time that a bitcoin broker has disappeared with its investors' money. The Japanese MtGox was already responsible for the movement of 70% of bitcoins in the world. However, in February 2014 the broker closed the website, suspending trades and subsequently declared bankruptcy. About 850 thousand bitcoins disappeared from the broker, in current values ​​this is equivalent to R $ 248,152,839,195.00. The disappearance of money from investors is not a unique feature of bitcoin brokers, several scams throughout history have disappeared with billions and many of them were approved by regulators. However, the biggest problem with BTC scams is the difficulty of recovering cryptocurrencies. Bitcoin is impossible to be confiscated unless the private key that derives the wallet is revealed, making the blocking process by government agencies unlikely. Of course, this ensures that the government will not confiscate your money, which is a real risk. which has happened several times in history, see Collor's confiscation in Brazil. broker. And if you are in doubt about which bitcoin wallet you should use, then take our Quiz and find the best wallet for you.

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