According to the state-run news agency, prosecutors issued 78 warrants after the exchange’s chief exec was accused of defrauding its 390,000 users.
Turkish police seized documents and digital materials in raids across eight provinces.
As we previously reported, Thodex suddenly stopped trade on Wednesday. The company’s 27-year-old boss Fatih Faruk Özer was spotted at Istanbul Airport the very next day — reportedly en route to Albania.
Özer’s current location is unknown but authorities accuse him of perpetrating the largest fraud in Turkey’s history, allegedly taking off with $2 billion in user funds.
Thodex denied the allegations in a statement. Thodex claimed it shut down due to abnormal activity an audit had tied to 30,000 user accounts.
As for Özer’s apparent escape, Thodex says he’s on a business trip to finalize a purported deal with foreign investors.
In any case, Thodex’s alleged rug pull follows Turkey’s crackdown on crypto. A ban on using digital assets for payment comes into effect at the end of this month.