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Turkish Crypto Exchange Thodex Stops Operating Without Notice

Billion-Dollar-Rug-Pull-Turkish-Bitcoin-Exchange-Goes-Dark
  • Turkish crypto exchange Thodex has shut down trading.
  • About $2-10 billion hard-earned money has been locked.

Turkish crypto exchange Thodex has stopped operating without any notice today. Of note, more than 391,000 customers’ hard-earned money has been locked on the Thodex exchange.

According to a report, Thodex exchange shared a statement via Twitter that it wanted to enable peer-to-peer (P2P) crypto investment services from outside. This move was to help Thodex provide much better services for its customers.

Before the exchange closed, Thodex said in the statement that it would suspend its trading activities for 4 to 5 days. At the time of writing, Thodex CEO Faruk Fatih Ozer is nowhere to be found. Also, Ozer has removed his social media account online. 

Moreso, the exchange has blocked its customer support services. As per the country’s lawyer Oguz Evren Kilic, customers’ money locked in Thodex accounts amounts to almost $2-10 billion.

Again, Kilic said that Thodex still has money left in their bank account. However, they do not know how much the money is, either it will be enough for everyone involved if they are to share it.

Furthermore, Thodex exchange gave 150 DOGE to everyone who signed up on the platform from March 15 to April 15. This made Thodex attract thousands of people within a shorter time. Due to how users flocked to the exchange, its trading volume increased drastically to $1.37 billion.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.