Thodex Founder Dies in Prison While Serving 11,196-Year Sentence

- Faruk Fatih Özer, founder of the collapsed Thodex crypto exchange, found dead in prison. - Death suspected as suicide, following his historic 11,196-year sentence for fraud. On November 1, 2025, authorities found Faruk Fatih Özer, the controversial founder of the Thodex cryptocurrency exchange, dead in his prison cell in Turkey. A court had previously sentenced Özer to 11,196 years for crimes that included aggravated fraud, money laundering, and leading a criminal organization. Officials discovered him hanging in the bathroom of his single-occupancy cell at the Tekirdağ F-Type High Security Closed Penitentiary, prompting Turkish authorities to launch an investigation with suspected suicide as the cause of death. Özer’s death came just months after he received one of the longest sentences in Turkish history. His conviction stemmed from the collapse of Thodex, once one of Turkey's largest cryptocurrency exchanges, which folded abruptly in April 2021. The collapse caused approximately 400,000 users to lose an estimated $2.6 billion. Following the company's collapse, Özer fled to Albania, where authorities arrested him in August 2022. Turkey extradited him in April 2023, leading to a high-profile trial where, in September 2023, a court handed down hefty sentences to Özer and two of his siblings. Authorities are now scrutinizing the events surrounding Özer’s sudden death, a development that adds a tragic chapter to one of the decade's most sensational crypto fraud cases. Officials expect to release updates on the investigation in the coming days.