Turkish crypto alternate halts buying and selling amid reviews of police raid

Main Turkish cryptocurrency alternate Thodex has abruptly halted buying and selling and withdrawals amid reviews of police raids, Cointelegraph Turkey reported on Thursday.

Thodex posted an official announcement on Twitter on Thursday, informing customers that it has halted transactions for a interval of 4 to 5 days. In line with an announcement, the platform stopped buying and selling and withdrawals attributable to a purported partnership with “world-renowned banks and funding corporations” to enhance its providers.

Thodex mentioned that its purchasers shouldn’t be nervous about their investments, stating that “customers will probably be knowledgeable recurrently” in the course of the suspension interval. The alternate had beforehand introduced a six-hour-long upkeep break on Tuesday.

The abrupt suspension of buying and selling and withdrawals has involved the crypto group, because the alternate has gone radio silent since saying the interruption.

Native publications speculated that the suspension might be a part of an exit rip-off amid reviews that the corporate’s founder, Faruk Fatih Özer, has fled to Thailand with $2 billion value of crypto. The founder allegedly left Istanbul Airport on Tuesday, whereas native authorities have launched a prison investigation towards the agency and raided Thodex’s workplaces.

Thodex didn’t reply to Cointelegraph’s requests for remark.

The information comes amid a brand new wave of concern over the Turkish authorities’s stance on cryptocurrency regulation. The nation’s central financial institution formally introduced a ban on crypto funds efficient as of April 30. 

Further reporting by Erhan Kahraman and Ayse Karaman.