Owner of scam exchange Thodex arrested in Albania

[Ojima-ojo]

The CEO of thodex a cryptocurrency exchange, Faruk fatih who pulled an exit scam on over 400,000 users of the exchange in 2021 have been arrested in Albania, the Turkish base crypto exchange operator disappeared with over $2 billions of dollars of investors funds and disappearing into thin air since last year before his arrest.

The arrest came at the hill of investigation and climbing down of scammers who target exchange and other cryptocurrency investment platforms, this scammy act have been the major set back for cryptocurrency adoption globally as this increase the risk factors attached to cryptocurrency usage and adoption as an alternative.
https://www.coindesk.com/policy/2022/08/30/founder-of-turkish-crypto-exchange-thodex-arrested-in-albania/

[tranthidung]

From user side, prevention is better than cure so users must protect themselves from potential scammers. Not your keys, not your coins is a warning that if you don't own keys, you don't own your coins. Exchanges can scam then exit like Thodex and you can not hope that you will be compensated after the scammers arrested in future. It is hopeless hope.

From scammer side, it is a good lesson that you will hardly to live an easy life if you steal money of others. They might be arrested anytime and other consequences will come.

[mk4]

Boggles my mind how these CEOs think exit scamming would be a great idea. It's not like he's an anonymous founder of a DeFi platform, he's literally a doxxed owner of a centralized exchange. Yea you've hauled a huge amount of money, but how would you even live a normal life lol knowing that you're being pursued by the authorities.

[Luffygroove]

Good news, at least scammers could see this, and hopefully, it can give a deterrent effect so people will think twice if they intend to scam through crypto (although some still can escape and some can't be traced). There is still hope for law enforcement. However, let's all take this as a lesson to not leave our funds in the exchangers even if we think that it's impossible for those exchangers to scam or be hacked. Unfortunately, buddy, it is possible and all is possible in the crypto world. It is best to take a precaution than regret it later. In this world full of uncertainty, we as a consumer should take care of ourselves. Please do all the necessary things to do to guard ourselves.

[cryptoaddictchie]

He maybe thought that there are some easy exit ways on such conflict and damages he done. But not so smart to do such thing when you are fully doxxed. But probably this guy wasnt trying to pull off a heist or maybe put in a situation where greediness eat him and do this crime. People only tend to change when it involves money. He either forgot that authorities are kinda strict now when it comes to crypto related matters.

[eXPHorizon]

How dare they arrest an Crypto scam artist. They should of let him scam more or have his scam exit .... dear lordy

[DeathAngel]

Boggles my mind how these CEOs think exit scamming would be a great idea. It's not like he's an anonymous founder of a DeFi platform, he's literally a doxxed owner of a centralized exchange. Yea you've hauled a huge amount of money, but how would you even live a normal life lol knowing that you're being pursued by the authorities.

I suppose they think they can alter their identity & maybe get fake documents with another ID. For a start it’s sub-human to exit scam but it’s just a terrible life to always be on the run, looking over your shoulder.

No amount of money justifies exit scamming & hurting so many people.

I’m glad he has been arrested & hope he gets a long jail sentence.

[Ojima-ojo]

How dare they arrest an Crypto scam artist. They should of let him scam more or have his scam exit .... dear lordy

The next ceo we should expect is the FTX and LUna coin Dowen this are the current guys who are almost at the hedge of making away with investors money worth billions of dollars,  the situation is so bad that scammers are walking freely on holidays and victims swallow their pains from the loses.

[Ojima-ojo]

Recent events in the crypto-industry have shown that even stable dollar-linked coins are not a panacea for saving money.
One such example is the Terra ecosystem and its UDT stabelcoin.
How to avoid such losses? First of all, one can think of the classic insurance model.
This is what the Amulet Protocol project is based on - the DeFi protocol for deposit insurance.

The best money-saving option right now is to buy bitcoin and other stock assets, like a silver diamond, or gold, because stablecoins and other altcoins are not good investment options at this point.
It has become a noticeable event lately to see how stablecoins are getting hacked due to their centralized algorithm.