Turkish Crypto Exchange Runs for Funds? - Billions of Dollars Blocked! - Kakiforex.com - Financial Market Media No. 1 in the World Turkish Crypto Exchange Runs for Funds? - Billions of Dollars Blocked! Turkish Crypto Exchange Runs for Funds? - Billions of Dollars Blocked!

April 23, 2021

Turkish Crypto Exchange Runs for Funds? - Billions of Dollars Blocked!

 Turkish crypto exchange Thodex reportedly abruptly began delaying trading starting this morning without giving any notice, leaving 391,000 investors ’funds locked up.


The crypto exchange which has been operating since 2017 today has shared a statement on Twitter stating that due to certain problems then a trading delay of 4-5 days is required.


However, many are skeptical of the statement. Oğuz Evren Kılıç, who is a lawyer in the Turkish capital, Ankara, said it may have been a ‘scam’. He also filed a legal complaint against the crypto exchange.



Thodex CEO Faruk Fatih Özer also reportedly left the country last night based on police records shared with Kılıç, and deleted his social media account. Not only that, the exchange company has also cut all customer support.


Kılıç estimates the amount of funds locked in Thodex accounts is between $ 2-10 billion. From March 15 to April 15, the crypto exchange has run a very successful marketing campaign, rewarding each new registration with 150 DOGEs. Thousands of new users reportedly entered the exchange until its trading volume on Saturday reached a daily record of $ 1.37 billion.


Surprisingly, however, Thodex sold DOGE at a fixed price of $ 0.11 from April 14 but the value of DOGE was $ 0.42 on April 16. Moreover, in recent times, crypto investors can only buy crypto but cannot sell it.


Last Friday, the Turkish government legally recognized crypto assets but banned crypto payments. It also prohibits fintech companies from dealing directly or indirectly with cryptocurrencies. So far the Turkish government has not made a public statement on the incident in Thodex.