Turkish Crypto Exchange Thodex CEO Gets 11,000-Year Sentence For $2 bn Scam
Turkish court sentenced former CEO of Thodex, Faruk Fatih Özer, to 11,196 years in prison for charges of “establishing, managing and being a member of an organization,” “qualified fraud,” and “laundering of property values.” Özer and his two siblings were also sentenced to the same sentence, 10 months, 15 days, and a $5-million fine.
The Turkish crypto exchange, Özer, was one of the largest digital asset trading platforms in the country before its collapse in 2021. The founder fled the country with $2 billion in crypto assets, refuting claims of an exit scam. He was detained in Albania in August 2022 and extradited to Turkey in April 2023 on charges of fraud and money laundering. Özer had been in jail for failing to submit tax documents since July and had the most recent conviction for defrauding customers.
(With inputs from Shikha Singh)
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