Thodex Users Ask For Refunds After Crypto Exchange Shuts Down ByJimmy AkiPRO INVESTOR Updated: 19 July 2021 Turkish crypto owners are demanding for their crypto holdings after popular cryptocurrency exchange Thodex suddenly said it was undergoing a routine check on its platform. Over 300,000 crypto traders in Turkey tried to withdraw their crypto funds after the crypto exchange announced on Twitter a five-day scheduled maintenance period following an outside investment. Thodex Shuts Down Platform Amid User Outcry According to Bloomberg reports, this is all because the Turkish crypto investment platform is looking to close a sale. It, however, assured users that their funds would remain intact till the resumption of trading. But users are not taking this as an answer, with many posting on popular microblogging platform Twitter that it was all a scam. Many complained that they could not withdraw their funds or even access their accounts. Thodex has responded, saying that these negative comments from the media were untrue. According to the crypto exchange, major global banks and funds, whose names they are not permitted to reveal, are looking to make a major investment in the company. According to them, these investors have been interested in placing a stake in the company for a long time. “For this process to be completed, transactions need to be halted, and the sale process needs to be completed,” it continued in the release. But these vague statements have failed to convince their users and regulatory agencies. In a preliminary investigation of the company, the Turkish police discovered that the CEO Faruk Fatih Ozer left the country on Tuesday through the Istanbul International Airport. Ozer is said to have gone with over $2 billion worth of crypto assets, and his social media accounts are deactivated. This growing web of mysteries has seen many users accusing the exchange of fraud and calling for prosecution. In response, the Turkish Financial Crimes Investigation Board (MASAK) has suspended the trading accounts of Thodex on Thursday. The Istanbul Anatolian Chief Public Prosecutor’s Office announced on Thursday that it would be launching an investigation against Thodex with intents to look into the alleged victimization of many citizens and illegal acts that constitute a crime against the laid-down rules of the Turkish legal system. In a separate filing, lawyer Abdullah Usame Ceran is making a case against the embattled crypto exchange. According to Ceran, Thodex is guilty of fraud and has made it impossible for its more than 400,000 users to withdraw their funds. The website is currently unreachable. DOGE Giveaway Brings Trading ATH For Thodex Thodex received an immediate boost weeks after it announced that it would be giving away parody cryptocurrency Dogecoin for free. The exchange said it would distribute 2 million Dogecoins to its customers. This scheme drew many users with the exchange’s trading volume tripling to over $585 million on Friday, according to data from crypto data aggregator coinmarketcap. This sudden closure after making a record number of transactions worries many of its customers, as noted by barrister Oguz Evren Kilic. Kilic says he is also making a case against the crypto exchange on the behest of several aggrieved customers. He is unsure how this will play out, given that the exchange is getting sued on all fronts. To further exacerbate the issue on ground, the Central Bank of Turkey said it would outlaw private crypto ownership on April 30. According to Turkish authorities, cryptocurrencies could cause “irreparable” damages to the economy.