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Turkish Crypto Exchange Thodex Seems to Have Cashed Out $125M Worth Of Bitcoin, Says Whitestream Report

Mary Liu

Summary: Whitestream, a blockchain tracking company released a report saying that from August 2020 to February 2021, Turkish crypto exchange Thodex has sent approximately 5,000 BTC (valued at $125 million at the time, valued at over $280 million today) to the Kraken platform, this seems to be a cash-out operation of Thodex.  Thodex suddenly shut down ...

Whitestream, a blockchain tracking company released a report saying that from August 2020 to February 2021, Turkish crypto exchange Thodex has sent approximately 5,000 BTC (valued at $125 million at the time, valued at over $280 million today) to the Kraken platform, this seems to be a cash-out operation of Thodex. 

Thodex suddenly shut down operations last week. The lawyer involved in the case estimated that there were at least $2 billion in client funds. The Turkish Interior Minister lowered this estimate to $108 million. 

Whitestream analyzes that the exchange has been stealing users' Bitcoin for months.

By Mary Liu

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