Former CEO of Turkish Crypto Exchange Thodex Sentenced to 11,196 Years in Prison for Fraud and Money Laundering
Summary:
Former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, has been sentenced to 11,196 years in prison for fraud, money laundering, and being part of a criminal organization. Özer fled the country in 2021 after abruptly closing the exchange and taking $2 billion worth of users' crypto assets. He was later captured in Albania and extradited to Turkey. The court also sentenced Özer's siblings and acquitted 16 defendants due to lack of evidence.
Faruk Fatih Özer, the former CEO of Turkish cryptocurrency exchange Thodex, has been given a prison sentence of 11,196 years by a Turkish court. The charges against Özer include "establishing, managing and being a member of an organization," "qualified fraud," and "laundering of property values." Özer's two siblings were also sentenced to the same jail term, along with a $5 million fine. The court ruling was reported by Turkey's state-run news agency, Anadolu Agency. Thodex was one of the largest digital asset trading platforms in Turkey until its sudden collapse in 2021. Özer fled the country with approximately $2 billion worth of users' crypto assets. Despite denying any wrongdoing, he was detained in Albania in August 2022 and extradited to Turkey in April 2023. Özer had already been in jail since July for failing to submit tax documents. The recent conviction is related to defrauding customers, while Özer argued in court that he and his family are victims of injustice. During the trial, the court acquitted 16 defendants of "qualified fraud" due to lack of evidence and ordered the release of four defendants. The remaining defendants received varying sentences based on their involvement in the fraud.
Published At
9/8/2023 10:12:42 AM
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