Thodex Scam
Thodex is a popular Turkish scam that was uncovered in 2019. A Turkey-based exchange with the name ‘Thodex’ used to work well but suddenly the exchange conveyed through a vague message that its services will not be available for a week. At first, people considered it as a time for an update but later discovered that something is not right. Almost 400 thousand investors had invested in Thodex and the total sum of the investment was around 2 billion dollars.
Although the exchange had notified the customers about a week’s unavailability the frustrated traders didn’t have the nerves to wait so they decided to voice their problem. They filed a lawsuit against Thodex that it had defrauded thousands of customers and authorities started investigations right away. The police arrested dozens of people in this regard but the mastermind of the scam, Faruk Fatih Ozer, the CEO of Thodex fled the country.
Replaying the traders’ allegations, Thodex initially said that it is not a scam and promised that the funds of all clients will be returned but the promise was never fulfilled. With time, the traders accepted their fate and accepted that they have been scammed.
The above-mentioned scamming incident is the first one of this magnitude in Turkey but not the only one. After this news, many other exit scams were also discovered but whenever a scam is reported, Thodex comes into everyone’s mind.
Exit scams are not limited to Turkey only and traders should only deposit funds to exchanges or brokerages after thorough scrutiny. The scammers mostly target forex and cryptocurrency traders. To avoid getting scammed traders are advised not to go for brokers who offer higher than average profits because they only offer high returns to trap more clients. Those who sign up with such platforms mostly end up losing all their investment when the scammers disappear overnight.
