In this lesson
- find out what an exit scam is and why April 2021 saw two famous ones in one week
- understand how Thodex's founder ended up with an 11,196-year sentence – and how Africrypt's story is still unresolved
- learn the signs that the people running a platform are preparing to leave
What happened to Thodex and Africrypt? In April 2021 two crypto platforms suddenly stopped working within a week. Turkey's Thodex went "under maintenance" while its founder Faruk Fatih Özer flew to Albania; in 2023 a Turkish court sentenced him to 11,196 years in prison for fraud, and in November 2025 he was found dead in his cell. South Africa's Africrypt told investors it had been "hacked"; its founders, brothers Ameer and Raees Cajee, left the country. As far as public reports show, they have never been convicted of any crime, and how much money went missing is still disputed.
Every exchange has a "we will be back soon" page for maintenance. In April 2021 two platforms showed theirs – and the people who were supposed to come back were already at the airport.
What is an exit scam?#
An exit scam is the simplest fraud in crypto: a platform collects customers' money, then shuts down and the people behind it disappear with it. It often comes with a cover story – "maintenance", "a hack", "a problem with the bank" – that buys a few days of time. Unlike a hack, the threat comes from inside: the people you trusted are the ones leaving.
Thodex: "back in five days"#
Thodex was founded in 2017 and became one of the biggest crypto exchanges in Turkey. Many Turks bought crypto to protect their savings from high inflation and a falling lira, and Thodex attracted them with aggressive marketing and promotions.
| Date | What happened |
|---|---|
| 2017 | Faruk Fatih Özer founds Thodex in Istanbul |
| 20–21 April 2021 | Thodex stops trading and withdrawals, citing maintenance and an outside investment; Özer flies to Albania |
| April 2021 | Turkish police detain dozens of employees; an Interpol red notice is issued for Özer |
| August 2022 | Özer is arrested in Albania |
| April 2023 | he is extradited to Turkey |
| 7 September 2023 | an Istanbul court sentences him and his two siblings to 11,196 years each for aggravated fraud, running a criminal organisation and money laundering |
| January 2025 | an appeals court drops the organised-crime finding but upholds the fraud conviction; he stays in prison |
| 1 November 2025 | Özer is found dead in his cell in Tekirdağ prison; prosecutors open an investigation |
Why 11,196 years? Turkish courts add up sentences for each victim, and there were thousands of them. It is a symbolic number – but it says clearly how the court saw the case.
How much did the customers lose? Nobody agrees. About 400,000 users were affected. Media reports spoke of up to 2 billion dollars, and blockchain firm Chainalysis estimated about 2.6 billion dollars in crypto. The prosecutor's indictment, however, put the proven loss at about 356 million Turkish lira (about 13 million dollars at the time). The difference shows how hard it is to count losses when an exchange keeps no honest books.
Africrypt: "we have been hacked, please do not call a lawyer"#
Africrypt was a South African investment platform founded in 2019 by the brothers Ameer and Raees Cajee. It promised investors unusually high returns from crypto trading.
| Date | What happened |
|---|---|
| 2019 | the Cajee brothers start Africrypt |
| 13 April 2021 | investors get an e-mail: the platform has been "hacked"; they are asked not to involve lawyers, as it would delay recovery |
| April 2021 | investors' lawyers say the coins were moved out of Africrypt's wallets and through mixers; a court grants a provisional liquidation |
| June 2021 | media report a possible loss of 69,000 BTC (about 3.6 billion dollars); the financial regulator says it cannot act because crypto is not regulated |
| 2022 | according to Daily Maverick, Ameer Cajee is detained in Switzerland on suspicion of money laundering; the case is later dropped |
| 2025 | South African media report that the brothers are back in the country; no criminal charges are publicly known |
The size of the loss is the most disputed part. The headline figure of 69,000 BTC came from early reports based on the investors' lawyers and blockchain data. The court papers in the liquidation case dealt with much smaller amounts – one investor's claim was about 67 million rand – and Raees Cajee argued in court that Africrypt owed investors nothing. As of October 2026, no court has established how much was lost, and the brothers have not been convicted of any crime.
Warning signs you could have seen#
- "Maintenance" without an end date, or a sudden "hack". When a platform stops withdrawals and the explanation keeps changing, assume the worst until money actually moves.
- "Please do not involve lawyers or the authorities." An honest company that has been robbed wants the police involved. Asking victims to stay quiet buys time for someone.
- Returns that are too good. Africrypt promised returns no real trading business can deliver for long.
- Unregulated platforms. Neither platform was supervised like a bank or a licensed broker. In the EU today you can check whether a crypto company is licensed under MiCA.
- Everything depends on a few founders. If one or two people control the money and can leave the country overnight, your savings are only as safe as their honesty.
Once the founders are gone, so is your money
In an exit scam the money usually leaves before the announcement does. By the time you read "maintenance" or "hack", withdrawals are already closed and the coins may be on the other side of the world. Recovery, if it ever comes, takes years and returns only a fraction. Your only real protection is not keeping more on any platform than you can afford to lose.
Common myths#
- "A long sentence means the victims get their money back." Özer's 11,196 years did not return the missing crypto. Punishment and recovery are two different things.
- "If a platform says it was hacked, it was hacked." Sometimes, yes. Sometimes "hack" is the cover story. Investigators look at where the coins went – and who controlled the wallets.
- "Exit scams only happen to tiny unknown sites." Thodex was one of the biggest exchanges in Turkey.
Summary
- An exit scam means the people running a platform shut it down and disappear with customers' money.
- Thodex (Turkey, April 2021): founder Faruk Fatih Özer fled to Albania, was extradited and sentenced to 11,196 years; he died in prison in November 2025. Loss estimates range from millions to billions of dollars.
- Africrypt (South Africa, April 2021): the Cajee brothers claimed a hack; the loss is disputed and, as of October 2026, they have not been convicted of anything.
- "Maintenance", "hack" and "do not call a lawyer" are classic exit-scam lines.
Sources#
- Euronews – more than 11,000 years in jail for crypto firm founder (2023) (opens in a new tab)
- Decrypt – Thodex founder wins partial ruling but stays in prison (2025) (opens in a new tab)
- Turkish Minute – Thodex CEO found dead in prison (2025) (opens in a new tab)
- Moneyweb – Raees Cajee opposes Africrypt's liquidation (2021) (opens in a new tab)
- Daily Maverick – Africrypt: how investors were left high and dry (2025) (opens in a new tab)