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"CEO of collapsed Turkish crypto exchange Thodex faces extradition from Albania following arrest"

2022-08-30 [vendor] Thodex CEO arrested
Primary Source ↗

Incident Details

Faruk Fatih Özer, the CEO of the Thodex cryptocurrency exchange, swore that when they halted trading and shut off customers’ access to accounts in April 2021, it was just to investigate suspicious activity. Then he disappeared, leaving behind a collapsed exchange and total losses estimated to be anywhere from $24 million and $2.5 billion in assets (depending who you ask). He left a statement in which he claimed that he was only on the lam in order to “work and repay my debts” to customers, after which he would turn himself in to Turkish authorities.His plan to somehow work off anywhere from $24 million to $2.5 billion in debts was stymied when he was apprehended by Albanian authorities. He faces extradition to Turkey, where a prosecutor has asked for sentences of 40,564 years for him and other executives (just in case, I guess).

Technical Details

Initial Attack Vector
Regulatory / legal action
Vendor / Product
Thodex CEO arrested

Timeline

  1. 2022-08-30 Breach occurred
  2. 2022-08-30 Publicly disclosed