Apr.27.2021 134

Thodex Which Is One of the Largest Cryptocurrency Exchanges in Turkey Went Bankrupt

The national currency of Turkey which is the lira has been steadily declining for nine years. That is why many people tried to protect their savings or even earn something and took risks. The recent rise in cryptocurrencies has attracted many investors who also hoped to protect their money. But they all failed because Thodex, which is considered one of the largest cryptocurrency exchanges located in Turkey, went bankrupt.

photo of Ozer going through passport control at Istanbul airport

Unfortunately, the government doesn’t control the activity of cryptocurrencies, and therefore they can quickly rise to historic highs. This makes them a tool capable of attracting people who are willing to take risks. In Turkey, for example, anyone can create a cryptocurrency exchange with a capital of only 6,000 dollars. And often, such crypto exchanges are run by incompetent people without financial education.

Thodex was estimated to have 700,000 users. And many of them were motivated by the advertising offer to get millions of free Dogecoins. But most likely, most of this money never existed.

It was reported that more than 391,000 users have unexpectedly lost access to their accounts. And the founder Farouk Fatih Ozer went to Albania, taking with him 2 billion dollars which he received from investors.

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