Fatih Özer: 11,196 Years in Prison, Then Suicide

Thodex founder sentenced to 11,196 years in prison. Died by suicide in custody.

Fatih Özer was the founder and CEO of Thodex, Turkey's largest cryptocurrency exchange. In April 2021, he shut down the platform and fled the country with an estimated $2 billion in customer funds. Over 400,000 Turkish investors lost their savings overnight.

Özer was captured in Albania in 2022 and extradited to Turkey. In a landmark case, he was sentenced to 11,196 years in prison - one of the longest sentences ever handed down in a financial fraud case anywhere in the world. The sentence was largely symbolic but reflected the scale of suffering he had caused.

In 2025, Özer died by suicide in his prison cell. He was 29 years old.

His death reopened painful wounds for the hundreds of thousands of victims who had lost their savings. Some expressed satisfaction. Others felt robbed of the accountability they had waited years for. Many simply felt nothing - they had already grieved for the life savings that were never coming back.

The Thodex case represents a complete arc of crypto's darkest possibilities: a charismatic young founder, explosive growth, catastrophic fraud, international flight, capture, conviction, and ultimately death. At every stage, the people who suffered most were ordinary Turks who had trusted a platform with their money during a period of severe economic hardship.

If you or someone you know is struggling, help is available. National Suicide Prevention Lifeline: 988 (US). Crisis Text Line: Text HOME to 741741. International Association for Suicide Prevention: https://www.iasp.info/resources/Crisis_Centres/