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 cryptocurrency exchange in Turkey, Thodex, launched online unexpectedly in April 2021, and Ozer fled to Albania.
Faruk Fatih Ozer, CEO of Thodex, Receives 11,196 Years in Prison
Bloomberg 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 $2 billion.
His two siblings were also given penitentiary terms. Multiple allegations, including aggravated fraud, leading a criminal organization, and money laundering, were brought against Ozer.
“I am smart enough to lead any institution on Earth. That is evident in this company I established at the age of 22. I wouldn’t have acted so amateurishly if this were a criminal organization.”
Faruk Fatih Ozer 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.
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.
The aftermath of Thodex significantly impacted the crypto community in Turkey, increasing scrutiny on crypto firms and exchanges.
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.