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Bitcoin slumps due to closure of Thodex crypto platform

Bitcoin sank to $47,500 in Asian trading, dragging altcoins down with it. The new slump in cryptocurrencies may have been triggered by the collapse of Turkish cryptocurrency exchange Thodex.

Negativity from this event picked up momentum late on Thursday afternoon. Thodex CEO Faruk Atih Ozer went missing after leaving the country on Tuesday, April 19 and deactivating his social media accounts. Soon after, traders and investors submitted thousands of criminal complaints against Thodex to the prosecutor's office, alleging that hundreds of millions of dollars had been stolen from them. The Istanbul prosecutor's office has launched a probe into Thodex on charges of “aggravated fraud” and "founding a criminal organization."

The platform has denied fraud allegations on its website. They write that the exchange has received serious offers from partners. In a joint audit of financial and digital data, which lasted about three months, abnormal fluctuations were detected in the company's accounts last week. Thodex has been temporarily closed pending the outcome of the probe by Istanbul’s chief prosecutor. While the technical team was doing research, the director traveled overseas to hold final meetings with foreign investors. He said that he would return to Turkey in a few days and would cooperate with investigative authorities. He gave assurances that there is no malicious intent to harm people.

According to the state news agency Anadolu, the exchange has 700,000 traders, 390,000 of whom are active. According to various estimates, the platform was worth over $2 bln. Turkey has already banned crypto payments, so now it can shut down trading floors.

According to the latest data from bybt.com, during the slump in Bitcoin, buyers saw $1.25 bln, liquidated and altcoins $3.29 shed bln. For the time being, it is hard to say when the market will calm down. Bitcoin dropped to the trendline on the daily TF. If breached, the price action will drop to $45,000. By the time the North American session opened, the price action recovered to $49,964. A breakout above $52,400 would temporarily halt bearish sentiment in Bitcoin. Ethereum also fell in price, but it has fared better. On Thursday, the crypto currency retraced to its all-time high of $2,645.

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