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In a landmark legal decision, the boss of Thodex cryptocurrency, Faruk Fatih Ozer, along with his two siblings, has been sentenced to 11,196 years in prison each for defrauding investors of millions of dollars in Turkey.

The 29-year-old Ozer made headlines when he fled to Albania in 2021, leaving investors in turmoil as his Thodex exchange abruptly collapsed. He was subsequently extradited back to Turkey in June, where he faced charges of money laundering, fraud, and organized crime.

During his trial in Istanbul, Ozer defended himself, claiming he wouldn't have acted so recklessly if his intentions were criminal. He stated, "I am smart enough to lead any institution on Earth," highlighting his early achievement in establishing the company at the age of 22.

Ozer's sister, Serap, and brother, Guven, were also found guilty of the same charges in the swift trial. Turkish news agencies reported that each defendant received separate sentences for multiple crimes against 2,027 victims, resulting in the cumulative 11,196-year verdict.

It's worth noting that Turkey often issues extraordinary prison sentences since the abolishment of the death penalty in 2004. This case joins the ranks of notable sentences, such as TV cult preacher Adnan Oktar, who received 8,658 years in prison in 2022 for fraud and sex crimes, along with ten of his followers receiving the same sentence.

Prosecutors had initially sought a staggering 40,562-year prison sentence for Ozer, underscoring the gravity of the charges he faced.

The Thodex cryptocurrency exchange was founded in 2017 and quickly became one of Turkey's largest platforms for virtual currencies. Ozer gained prominence in the financial sector and cultivated relationships with influential pro-government figures.

However, the platform's sudden collapse in April 2021 left investors reeling, as their assets vanished, and Ozer went into hiding. He was eventually apprehended in Albania on an Interpol warrant and extradited after a protracted legal process.

While initial reports indicated that Ozer had fled with assets valued at $2 billion, the prosecutor's indictment estimated the total losses to Thodex investors at 356 million Turkish liras, equivalent to approximately $43 million at the time of the exchange's collapse. Due to rampant inflation and the lira's depreciation in international markets, this amount has since dwindled to approximately $13 million.

#cryptocurrency #thodex #arres

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