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Farouk Ozer is a man who doesn't have enough life to serve his sentence.
A court in Turkey has handed down a historic verdict against Faruk Fatih Ozer, the founder of the recently failed cryptocurrency exchange Thodex. He was sentenced to 11,196 years in prison on charges of leading a criminal organization, aggravated fraud and money laundering.
Thodex, founded in 2017, has become one of the largest crypto exchanges in Turkey with a customer base of about 400 thousand people. In April 2021, the trading platform suddenly stopped operating, claiming technical problems. Ozer himself fled to Albania, taking $2 billion of investors ' funds. Later, Thodex published a statement from the head of the firm, in which he promised to return the money to investors and then return to Turkey to answer to the law.
In early 2023, Ozer was extradited from Albania to Turkey after a lengthy trial. In July, Farouk Fatih Ozer said during a court hearing that he was innocent of fraud.
The prosecutor's office estimates the loss of investors from the collapse of Thodex at about $13 million, although the real amount remains unknown. Turkish media reported losses of up to $2 billion.
In addition to Ozero, the same terms were given to his closest relatives-his sister and brother. According to the court, they committed these crimes together.
A court in Turkey has handed down a historic verdict against Faruk Fatih Ozer, the founder of the recently failed cryptocurrency exchange Thodex. He was sentenced to 11,196 years in prison on charges of leading a criminal organization, aggravated fraud and money laundering.
Thodex, founded in 2017, has become one of the largest crypto exchanges in Turkey with a customer base of about 400 thousand people. In April 2021, the trading platform suddenly stopped operating, claiming technical problems. Ozer himself fled to Albania, taking $2 billion of investors ' funds. Later, Thodex published a statement from the head of the firm, in which he promised to return the money to investors and then return to Turkey to answer to the law.
In early 2023, Ozer was extradited from Albania to Turkey after a lengthy trial. In July, Farouk Fatih Ozer said during a court hearing that he was innocent of fraud.
The prosecutor's office estimates the loss of investors from the collapse of Thodex at about $13 million, although the real amount remains unknown. Turkish media reported losses of up to $2 billion.
In addition to Ozero, the same terms were given to his closest relatives-his sister and brother. According to the court, they committed these crimes together.
