Faruk Fatih Ozer, the former CEO of the now-defunct Thodex <a href="https://www.cryptoknowmics.com/news/cryptocurrency-exchange-updates-xrp-trading-campaign-with-20000-in-prizes/" target="_blank" rel="noopener">cryptocurrency exchange</a>, received a sweeping 11,196-year prison sentence from the Anatolian 9th High Criminal Court in Turkey for a number of charges. "Laundering of property values," "establishing, managing, and being a member of an organization," and "qualified fraud" are among these charges. The state-affiliated news organization Anadolu Agency <a href="https://www.aa.com.tr/tr/gundem/thodexin-kurucusu-faruk-fatih-ozerin-dolandiricilik-davasinda-karar/2986295" target="_blank" rel="nofollow noopener">reported</a> that the court also imposed a penalty of $5 million.
<h2>Turkish prosecutor charges Thodex' Özer with criminal breach of trust</h2>
Özer's kin didn't get away from the legal sledge either, getting an indistinguishable sentence for their supposed complicity in the crypto embarrassment. Before it went out of business in 2021 without informing customers, Thodex was one of the most popular cryptocurrency trading platforms in Turkey. After the trade stopped its activities, Özer escaped the country with clients' resources, which have been assessed to be worth as much as $2.6 billion. The prosecutor's indictment estimated them at 356 million liras, or $13 million, while some local news outlets reported the figure as $2 billion.

The operator of a cryptocurrency exchange was detained in Albania, where he was arrested and extradited to Turkey in April 2023. There were a total of 21 defendants involved in the prolonged legal battle. Only five of them appeared in person in court, and 16 were cleared of charges of "qualified fraud" because there was insufficient evidence. The remaining participants received varying sentences based on their roles in the scam, while four received orders for immediate release.

Turkish Crypto Exchange CEO Receives Historic $2.6B Sentence

The CEO of a Turkish crypto exchange has been sentenced to an unprecedented 11,000 years in prison. Learn more about this landmark case.

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Turkish Crypto Exchange CEO Receives Historic $2.6B Sentence

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