{"id":58768,"date":"2023-09-08T04:56:50","date_gmt":"2023-09-08T08:56:50","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=58768"},"modified":"2023-09-08T04:56:52","modified_gmt":"2023-09-08T08:56:52","slug":"thodex-crypto-exchange-ceo-sentenced-to-11196-years","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/thodex-crypto-exchange-ceo-sentenced-to-11196-years\/","title":{"rendered":"Thodex Crypto Exchange CEO Sentenced to 11,196 Years"},"content":{"rendered":"\n

Faruk Fatih Ozer, the CEO of Thodex, was sentenced to 11,196 years in prison for offenses such as fraud and money laundering.<\/a><\/p>\n\n\n\n

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Thodex Crypto Exchange CEO Sentenced to 11,196 Years<\/figcaption><\/figure>\n\n\n\n

A Turkish court sentences Faruk Fatih Ozer, CEO of the Turkish cryptocurrency exchange Thodex, to 11,196 years in prison for multiple offenses, including fraud, leading a criminal organization, and money laundering. <\/p>\n\n\n\n

The largest cryptocurrency exchange in Turkey, Thodex, launched online unexpectedly in April 2021, and Ozer fled to Albania.<\/p>\n\n\n\n

Faruk Fatih Ozer, CEO of Thodex, Receives 11,196 Years in Prison<\/h2>\n\n\n\n

Bloomberg\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> reported on September 8 that an Istanbul court sentenced Faruk Fatih Ozer to 11,196 years in prison for defrauding thousands of cryptocurrency investors out of more than\u00a0$2 billion<\/strong>. <\/p>\n\n\n\n

His two siblings were also given penitentiary terms. Multiple allegations, including aggravated fraud, leading a criminal organization, and money laundering, were brought against Ozer.<\/p>\n\n\n\n

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\u201cI am smart enough to lead any institution on Earth. That is evident in this company I established at the age of 22. I wouldn\u2019t have acted so amateurishly if this were a criminal organization.\u201d<\/em><\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n\n\n\n

Faruk Fatih Ozer<\/use><\/svg><\/span><\/a> founded Tdx in 2017 and fled to Albania in April 2021 after the company went due. The Turkish Ministry of Interior stated it was an exit scheme. After a lengthy legal process, Ozer was apprehended in Albania in August 2022 and extradited to Turkey in April of this year.<\/p>\n\n\n\n

While the total amount of investor losses in cryptocurrencies remains uncertain, the prosecutor's indictment estimates $13 million. Nevertheless, Turkish media reported $2 billion in user losses. An investigation by Chainalysis estimated the lost cryptocurrency at Thodex to be worth $2.6 billion.<\/p>\n\n\n\n

The aftermath of Thodex significantly impacted the crypto community in Turkey, increasing scrutiny on crypto firms and exchanges. <\/p>\n\n\n\n

Turkey faces high inflation and devaluation of the Turkish lira, but the crypto failed to provide respite to the community due to the Thodex collapse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Faruk Fatih Ozer, the CEO of Thodex, was sentenced to 11,196 years in prison for offenses such as fraud and money laundering. A Turkish court sentences Faruk Fatih Ozer, CEO of the Turkish cryptocurrency exchange Thodex, to 11,196 years in prison for multiple offenses, including fraud, leading a criminal organization, and money laundering. The largest […]<\/p>\n","protected":false},"author":53,"featured_media":58771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,32],"tags":[5580,16364,5875,16363],"class_list":["post-58768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto-exchange-news","tag-crypto-exchange-2","tag-faruk-faith-ozer","tag-fraud-2","tag-thodex-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/09\/klp.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=58768"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58771"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=58768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=58768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=58768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}