Turkish court gives one of the harshest legal sentences for a crypto executive to date.
In a landmark decision by a Turkish court, Faruk Fatih Özer, the founder of the defunct cryptocurrency exchange Thodex, has been sentenced to an astonishing 11,196 years behind bars.
The charges against him include fraud, money laundering, and orchestrating a criminal organization.
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Özer's siblings, also implicated in the case, received the same lengthy sentence and a hefty fine of $5 million. The ruling was issued by the Anatolian 9th High Criminal Court and was reported by Anadolu Agency, Turkey's state-run news service.
Thodex was among Turkey's most significant cryptocurrency platforms before suddenly ceasing operations in 2021. The shutdown took place without warning, and Özer fled the country, leaving behind him a staggering $2 billion in frozen customer assets.
Özer initially denied any accusations of an exit scam but was later apprehended in Albania in August 2022. His extradition to Turkey occurred in April 2023, after which he faced numerous charges, including failure to provide tax documentation.
During his trial, Özer vehemently argued that he and his family were victims of an unjust legal process. He contended that Thodex's collapse was the result of bankruptcy rather than any criminal intent. In a translated statement from court records, Özer stated:
I am smart enough to manage all institutions in the world. This is evident from the company I founded at the age of 22. If I were to establish a criminal organization, I would not act so amateurishly. What is in question is it is clear that the suspects in the file have been victims for more than 2 years.
This case serves as a cautionary tale for the cryptocurrency sector, illustrating the severe legal repercussions that can follow fraudulent activities. The extensive sentences administered to Faruk Fatih Özer and his associates have set a new precedent in the legal dealings of crypto-related crimes.
