The Turkish crypto exchange Thodex has unexpectedly closed. Thousands of investors can no longer get their money. The stock exchange boss has apparently fled the country.

Fear of fraud: Accounts on the Thodex trading platform fear losing their funds.

IIn Turkey, prosecutors are investigating the sudden closure of a popular cryptocurrency exchange. Customers complained about the lack of access to their accounts on the Thodex trading platform and feared the loss of their funds. The talk is of millions.

The operators stated on the website that the platform would be closed for four to five days due to a sales process. Rumor has it that stock exchange chief Faruk Fatih Özer is out of the country. At the end of last week, Turkey banned the use of crypto currencies for payments in the country and justified this with “irreparable” damage and transaction risks.

News agencies quoted several lawyers who said they had filed charges of serious fraud against the managing director of the exchange on behalf of their clients. Thousands of advertisements are reported across the country. Among other things, the seizure of all assets on the platform, including vehicles, bank accounts, holdings and shares, was requested.

The reason for the flight

The Istanbul Public Prosecutor’s Office confirmed the investigation. 400,000 dealers are said to have been registered on the platform, of which 391,000 are active. According to the Reuters agency, sales on Thodex were $ 538 million on the last day of trading.

The platform rejected “negative” media reports on its website as untrue. Rather, they are talking about partnerships with renowned banks. To complete the process, transactions would have to be stopped and the sales process completed. The Bloomberg agency quoted stock exchange chief Özer as saying that 30,000 investors had invested in the stock exchange.

He justifies the financial difficulties with a hacker attack that was long ago. While authorities and customers are still investigating the details of the case, officials are calling for the crypto market to be regulated quickly. The Turkish government must now act “as quickly as possible”, quoted the Bloomberg agency Cemil Ertem, a senior economic advisor to President Recep Tayyip Erdogan. One must prevent “pyramid schemes”.

The stock exchange lawyer Bedirhan Oguz Basibuyuk said he did not know where Özer was, but assured him that he wanted to repay his debts. When asked why he went abroad, Özer replied that he would have “either been arrested or committed suicide” if he had stayed, Bloomberg quoted the lawyer as saying. “Thodex’s capital went down. When too many users asked for their money back, the company was no longer able to meet the demands, ”said the Thodex lawyer, describing the“ liquidity problem ”.