Founder of Defunct Turkish Crypto Firm Found Dead in Prison

Authorities said the 31-year-old died by suicide at the high-security prison in the Thracian city of Tekirdağ, where he had been held since 2023.

Prosecutors have launched an investigation into the incident, while Özer’s body was transferred to the forensic medicine institute for an autopsy.

Özer had been serving an 11,196-year prison sentence for establishing a criminal organization, aggravated fraud and money laundering. He was convicted in 2023 alongside his two siblings after one of Turkey’s biggest crypto-related fraud cases.

However, the verdict was under review by the court of appeals, and his retrial was ongoing at the time of his death.

Founded in 2017 under the name Koineks, Thodex grew rapidly as cryptocurrencies gained popularity in Turkey. The platform later ran major advertising campaigns featuring well-known Turkish celebrities before its sudden collapse.

The Thodex founder first gained public attention in 2021 when the crypto exchange abruptly halted trading, locking hundreds of thousands of investors out of their accounts. 

Turkish authorities later accused Özer of defrauding nearly 400,000 users of around $150 million before fleeing to Albania.

After being captured in Albania’s Vlora province in August 2022, Özer was extradited to Turkey in April 2023 and held in pre-trial detention.

During his court appearances, he denied leading a criminal organization, claiming Thodex was a legitimate business venture that collapsed under financial strain.

In his final court statement before his initial sentencing, Özer had claimed his intelligence was sufficient to manage "all institutions in the world." He quoted a line from a Turkish folk song named “The end of the road is in sight,” as he pleaded for acquittal.

Özer was reportedly housed alone in a single cell and had received periodic psychological support.