Thodex Cryptocurrency Boss, Faruk Fatih Ozer Jailed For 11,196 Years In Turkey For Fraud

A Turkish cryptocurrency CEO and his two brothers were sentenced to 11,196 years in prison for cheating investors out of millions of dollars.

Faruk Fatih Ozer, 29, fled to Albania with investor assets in 2021 after his Thodex exchange abruptly failed.

In June, he was deported to Turkey and found guilty of money laundering, fraud, and organized crime.

According to state media, Ozer told the court he would “not have acted so amateurishly” if his goal was unlawful.

“I am smart enough to lead any institution on Earth,” he said, according to Anadolu.

“That is clear in this company I founded at the age of 22.”

His sister Serap and brother Guven were both found guilty of the same crimes during the brief trial in Istanbul.

According to Turkish news outlets, the defendants were punished separately for crimes against 2,027 victims, resulting in the total number of years in the verdict.

Faruk Fatih Ozer, 29, fled to Albania with investor assets in 2021 after his Thodex exchange abruptly failed.

Such unusual prison sentences have become prevalent in Turkey since the death penalty was abolished in 2004.

Adnan Oktar, a TV cult preacher, was sentenced to 8,658 years for fraud and sex offenses in 2022. Ten of his followers were sentenced the same way.

According to AFP, prosecutors had requested that Ozer be sentenced to 40,562 years in jail.

Turks began utilizing cryptocurrencies as a hedge against the lira’s depreciation, which began more than two years ago.

Thodex was formed in 2017 and has since grown to become one of the country’s top virtual currency exchanges.

Ozer rose to national prominence as a financial wizard and infiltrated the establishment by befriending significant pro-government personalities.

However, the platform abruptly collapsed in April 2021. Ozer went into hiding after his investor assets vanished.

Last year, he was caught in Albania on an Interpol international warrant and deported after a lengthy legal process.

According to Turkish media, Ozer escaped with assets worth $2 billion (£1.6 billion).

The prosecutor’s indictment, on the other hand, estimates total Thodex investment losses at 356 million liras.

At the time of the exchange’s demise, that sum was worth approximately $43 million.

Because of rapid inflation and the lira’s collapse on international markets, the same sum is now worth around $13 million.

SOURCE – (BBC)