When Thodex, a Turkish cryptocurrency exchange that promised fast trades and high liquidity vanished overnight in April 2021, over 400,000 users lost everything. The founder, Faruk Fatih Özer, disappeared with an estimated $2 billion in user funds, leaving behind a website that just said "maintenance." This wasn’t a hack. It was a planned rug pull, a deliberate exit scam where developers abandon a project after draining investor money. Thodex became the poster child for what happens when trust replaces due diligence.
What made Thodex dangerous wasn’t just the scale—it was how normal it looked. It had a slick website, real customer support, and even paid influencers. Users thought they were using a safe exchange, not a front for theft. Behind the scenes, Thodex was using fake trading volumes, hiding withdrawal delays, and moving funds through obscure wallets. When the Turkish government froze its assets, it was too late. The same patterns show up today in other crypto exchange scams, platforms that appear legitimate but have no real reserves or regulatory oversight. Look for red flags: no clear team, no audit reports, withdrawal freezes, and promises of guaranteed returns. If it feels too good to be true, it is.
The Thodex rug pull didn’t just steal money—it shattered trust in entire markets. It forced regulators to step in, and it taught investors one brutal lesson: never assume an exchange is safe just because it’s popular. Today, you’ll find stories like Thodex in posts about FLATA Exchange, a platform with no verified presence or reviews, or XcelToken Exchange, a ghost name tied to a worthless token. These aren’t accidents. They’re repeat offenses. The crypto world is full of projects that vanish after collecting funds. But you don’t have to be the next victim. The posts below break down real cases like Thodex, show you how to spot the warning signs before you deposit a dime, and explain what to do if you think you’ve been targeted. You’ll learn what to check, who to trust, and how to protect your capital before the next exit scam hits.
Famous crypto rug pulls like Thodex, Squid Game, and HAWK have cost investors billions. Learn how these scams work, who lost money, and how to avoid becoming the next victim.
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