A $20 billion cryptocurrency scandal has erupted in Turkey, leaving thousands of investors ruined. The collapse of Thodex, a Turkish crypto exchange, has exposed deep ties between the company and President Erdoğan’s administration. Critics accuse the government of cronyism and turning a blind eye to warnings about the platform’s dubious practices.
The exchange vanished in April, taking customer funds with it. Founder Faruk Fatih Özer fled the country and was later arrested in Albania. He is now facing charges of fraud and money laundering. The scandal has sparked outrage, with many blaming regulatory failures and political protection for the collapse.
Investors, including students and retirees, lost life savings. The government has promised compensation, but many remain skeptical. The case has become a symbol of economic mismanagement and corruption under Erdoğan’s rule, fueling public anger and calls for accountability.
Source: Financial Times Companies · Summarized by HeadlinesBriefing