Crypto Exchange Thodex Owner Sentenced To 12,000 Years In Prison
Faruk Fatih Özer, his sister Serap Özer and brother Güven Özer were sentenced to 12,000 years in prison by a Turkish court for fraud, money laundering and running a criminal organization.
Before April 2021, Thodex was the largest cryptocurrency exchange in Turkey. As 400,000 users were unable to withdraw their funds when the exchange suspended its operations. Thodex officials initially assured customers that the suspension was temporary.
🚨 TURKISH SBF 👀
— Ajay Kashyap (@EverythingAjay) September 8, 2023
11,196 Years Jail Sentence for Faruk Özer, CEO of Collapsed 🇹🇷Turkish #Crypto Exchange Thodex 🤔
Thodex was one of Turkey's largest #Crypto exchanges before it suddenly went offline in April 2021 and Özer went missing.
Wen SBF FTX ? 👀 pic.twitter.com/vSOlhnBOAn
However, the head of the exchange, Faruk Özer, soon left the country claiming to be meeting with investors. Deceived users filed a collective statement. The investigation revealed that Özer had defrauded customers of $2bn.
Interpol initiated an investigation, and two years later Özer was caught in Vlor, Albania. In April 2023, Özer, his siblings, and others involved in the case went on trial in Turkey. The defendants face a total of 40,000 years in prison. Özer was sentenced to 11,196 years, 10 months and 15 days in prison and a $5 million fine.
Özer believes both he and his family have faced injustice and that Thodex exchange had no criminal intent.
