Founder of Defunct Crypto Exchange Thodex Sentenced to Over 11,000 Years in Prison
Faruk Fatih Ozer, the founder of Thodex cryptocurrency exchange, has been sentenced to an astonishing 11,196 years in prison by a Turkish court. Ozer faced multiple charges, including leading a criminal organization, aggravated fraud, and money laundering.
Because Bitcoin
September 8, 2023
A Turkish court has delivered a landmark verdict against Faruk Fatih Ozer, the founder of the now-defunct cryptocurrency exchange Thodex, following a litany of charges that include leading a criminal organization, aggravated fraud, and money laundering. Ozer's sentencing, reported by Bloomberg, is a staggering 11,196 years in prison.
The Thodex exchange, which Ozer established in 2017, grew to become one of Turkey's largest cryptocurrency trading platforms. However, in April 2021, the exchange suddenly announced its inability to sustain operations, leading Ozer to flee to Albania. In a bid to regain trust, he vowed to reimburse investors and return to Turkey once this commitment was met. After a protracted legal battle, he was finally extradited to Turkey earlier this year.
Throughout the court proceedings, Ozer maintained, "I am smart enough to lead any institution on Earth," and steadfastly denied that his company, founded when he was just 22 years old, operated as a criminal organization.
Prosecutors have estimated that the Thodex collapse resulted in approximately $13 million in losses for investors. However, the exact magnitude of these losses remains a matter of debate, with certain Turkish media reports suggesting they could be as high as $2 billion.
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