He Emptied an Entire Crypto Exchange Onto a Thumb Drive. Then He Disappeared

Faruk Fatih Özer stood in front of a passport control officer at Istanbul Airport, a line of impatient travelers queuing behind him. He pulled his face mask below his chin for the security camera. Surely he was nervous. The 27-year-old had unruly black hair, a boy-band face, and a patchy beard. Normally he overcompensated for his callow features by dressing in a pressed three-piece suit. But this spring day he wore black trainers and a navy-blue sweater hastily pulled over a white polo shirt, as if he had dressed in a dash. A small backpack was slung over his right shoulder. He looked like someone who could have been going on a last-minute day trip—or someone planning to never come back. At 5:57 pm on April 20, 2021, the guard stamped his Turkish passport and Özer shuffled through the crowd to Gate C, a flash drive containing a rumored $2 billion in crypto stashed in his belongings.

After Özer’s plane reached Tirana, Albania, at 9:24 that night, he checked into the Mondial, a popular 4-star business hotel in the capital’s commercial district. A couple of days later, he looked at his social media accounts. A mob was very angry with him: Customers couldn’t access their money on the exchange Thodex, where he was founder and CEO, and people were accusing him of absconding with their funds.

Özer posted a public letter to his company’s website and his social accounts. “I feel compelled to make this statement in order to respond urgently to these allegations,” he wrote. The accusations weren’t true, he said. Thodex—which had nearly half a million investors and $500 million in daily trade volume—was investigating what Özer claimed was a suspected cyberattack that caused “an abnormal fluctuation in the company account.” Assets would be frozen for five days while Thodex resolved the issue. This was terribly bad timing for the big business deal he said he was en route to make: selling the company, or so he had told some employees and his brother and sister before he left. All would be made right. “There will be no victims,” he promised. “I personally declare that I will return to Turkey within a few days and ensure that the facts are revealed in cooperation with judicial