exchange fraud - Financial Fright

Case Studies

Thodex Scam: How 400,000 Users Lost $2 Billion Overnight

April 21, 2021. Turkey’s third-largest crypto exchange shut down without warning. The 27-year-old CEO disappeared. $2 billion vanished. 400,000 users locked out. Then came the selfie from Albania: “I’m not running. I’m working.” But Interpol disagreed. This is Thodex—the audacious exit scam that shocked a nation.

BBO
October 29, 2025

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Case Studies

QuadrigaCX Mystery: Did Gerald Cotten Take the Keys to the Grave?

A split image showing the two faces of Gerald Cotten in the QuadrigaCX mystery: the trusted Canadian CEO vs. the demonic con artist behind the fraud.

A 30-year-old CEO dies suddenly in India. He was the only one who knew the passwords. $215 million trapped in cold wallets forever. Or was it? His widow got the mansion and yacht. Meanwhile, 76,000 customers lost everything. Then investigators found something strange: Most cold wallets were empty before he “died.”