Fugitive Turkish crypto fraud suspect arrested in Albania resort

The creator of the cryptocurrency exchange Thodex, a fugitive Turkish national sought by Interpol for alleged cryptocurrency fraud, was apprehended by Albanian police on Tuesday, according to authorities and media.

Faruk Fatih Ozer has been named as the suspect by Turkish and Albanian media. According to the Turkish interior ministry, extradition processes have begun.

Police identified the suspect only by his initials, F.O., and said that the 28-year-old was taken into custody in Himare, a southern vacation town, along with two Albanian assistance, as part of operation Brain.

"Following extensive searches throughout the nation, based on information obtained on the operational route about the location of a person widely sought after by Turkish judicial... Operation "Brain" was planned and completed, according to a statement from the police.

F.O., a 28-year-old Turkish national, was captured and arrested as part of this operation.

According to the statement, bank cards, mobile devices, and computers were confiscated by police.

When Turkish police conducted a raid on Thodex last year, it was conducting daily cryptocurrency trading worth hundreds of millions of dollars. Six suspects, including business officials and Ozer's brother and sister, were detained and ultimately imprisoned.

Interpol had issued a red notice for Ozer at Turkey's request after he had taken a flight to Albania before the company's issues became public knowledge and the website was shut down.

Sevgi Erarslan, a lawyer for Thodex, had earlier claimed that the exchange's failure was caused by both a hacking attempt and the excessive volatility of several crypto currencies. She said that the fraud suspicions were unfounded.

Additionally, Erarslan said that the business compensated the more than 800 individuals who lost money when the exchange failed.

Later, when certain local exchanges were being looked into for fraud, Turkish authorities outlawed the usage of cryptocurrency assets for payments. Turkey has seen a surge in the use of digital currencies, driven by growing inflation and a decline in the value of the lira.