This particular rug pull, which took place within Thodex, was not a compromise of the integrity of the DeFi company itself, but rather of the CEO and founder, Faruk Fatih Özer. The 27-year-old Turkish crypto exchange executive disappeared after withdrawing over $2 billion worth of cryptocurrencies from the project. Typically, as has been shown above, when a rug pull is carried out, it is usually the fraudulent company in its entirety which works to convince unsuspecting investors to deposit their funds with the express intention of spiriting those funds away.

The case Thodex is among an estimated 90% of all robberies committed during 2021 to be of the rug pull variety, but remains unique in that the project itself was hoodwinked by its CEO. 390,000 users were defrauded by Özer who is believed to have fled to neighboring Albania where he is still being hunted by Interpol . Tracingia LLC recover some of these amount. The success for the rest of the victims was hampered by non-compliance of regulators to release the ledger sheet. During their investigations, Turkish police arrested 62 people suspected of having connections to Özer. The prosecution also issued 78 arrest warrants against other suspected persons with potential links to the case.

This represents the largest fraud ever committed in Turkey’s history, according to the police. The authorities managed to confiscate documents as well as other incriminating digital evidence during raids in eight provinces of the country.

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