Turkish Crypto Exchange Thodex Founder Sentenced to 11,196 Years in Jail

Turkish crypto exchange Thodex's founder and CEO, Faruk Fatih Özer, has been sentenced to 11,196 years in jail for fraud and money laundering. The exchange's collapse in 2021 left 400,000 users without access to their crypto deposits worth close to $2 billion.

Posted 8 months ago in Bitcoin

An image depicting a gavel and a prison cell

Faruk Fatih Özer, the founder and CEO of defunct Turkish crypto exchange Thodex, was sentenced to 11,196 years in jail on Thursday. He was found guilty of aggravated fraud, leading a criminal organization, and money laundering. Özer's two siblings, who helped him run the exchange, also received similar jail terms. In addition, a court-ordered fine of approximately 135 million Liras was levied against them.

Thodex, once the biggest crypto exchange in Turkey, collapsed in 2021, leaving 400,000 users unable to access their crypto deposits.

Initially, Özer attributed the exchange's closure to an external investment pause, but later claimed that cyberattacks forced the trading hiatus. Despite the collapse, he promised to reimburse investors.

The collapse of Thodex shocked Turkey, coinciding with the devaluation of the Turkish lira and subsequent inflation in the country.

Last updated 9/9/2023, 3:19:59 AM


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