The potential exit scam pulled by the Turkish crypto exchange Thodex has possibly become one of the most notorious crypto scams in history.

Thodex trading volumes were reported to be in the billions of dollars before it went offline. Although the actual figure turns out to be much less, it’s still enough for skeptics and regulators to take note of.

BeInCrypto attempted to delve below the tip of the iceberg to better understand exactly what happened and where the funds went.

Thodex background

On April 21, Thodex announced that it had suspended operations due to a “partnership offer.” According to an undated statement on its website, the exchange said that it was courting external investments to serve its clients better. It also said users shouldn’t worry about their funds, as services would only remain shut for five working days.

Following this announcement, users began complaining that they couldn’t withdraw from their accounts. Concerned they…

Read more…