Local media reports say Thodex founder Faruk Fatih Ozer flew to Albania, taking $2 billion of investors’ funds with him.
Turkish authorities have blocked Vebitcoin’s domestic bank accounts and detained four people as part of a probe into the exchange, Reuters reported Saturday.
Some Turks have turned to crypto as a way to protect their savings from skyrocketing inflation and the weakening of its currency, the lira.
Earlier this month, Turkey’s central bank banned the use of digital assets for payments.
Crypto investors believe the industry has matured significantly in the last three years, with more institutional investors and corporate backers like Tesla entering the market.