Thodex Founder and Siblings Sentenced to Over 11,000 Years in Prison for Cryptocurrency Exchange Collapse
Crypto News – In a significant legal development, Faruk Fatih Özer, the founder of the now-defunct Turkish cryptocurrency exchange Thodex, along with his sister Serap Özer and brother Güven Özer, have been handed a staggering collective prison sentence of 11,196 years, 10 months, and 15 days, as reported by local media outlets. Additionally, a substantial judicial fine of 135 million Turkish liras, equivalent to approximately $5 million, has been imposed on them.
Thodex had stood as one of Turkey’s prominent cryptocurrency exchanges before its sudden and dramatic closure in April 2021, coinciding with the disappearance of its founder, Özer. This abrupt turn of events left more than 400,000 exchange members in a state of uncertainty, unable to access deposits valued at an estimated $2 billion in various cryptocurrencies.
Following his vanishing act, Özer had managed to flee to Albania, where he sought refuge. However, his evasion tactics were short-lived, as he was apprehended in August 2022, thanks to an Interpol red notice that had been issued against him.
Fast forward to April 2023, Özer was successfully extradited to Turkey and immediately taken into custody by law enforcement officials. He faced a litany of charges, totaling seven in number. These included allegations of establishing and orchestrating an organization with criminal intentions, active participation in a criminal organization, fraudulent activities involving information systems related to banks and credit institutions, deceitful practices concerning merchants, company executives, and cooperative managers, as well as money laundering involving the proceeds of criminal activities.
Upon the exposure of the Thodex debacle, not only Özer but also his brother, sister, and four high-ranking employees found themselves incarcerated. Furthermore, as part of the extensive investigation, at least 83 individuals were detained for their suspected involvement. The subsequent trial featured a total of 21 defendants, each potentially facing a mind-boggling cumulative prison sentence of up to 40,564 years.
In a recent development, the Anatolian 9th Heavy Penal Court delivered its verdict, leading to the acquittal of 16 out of the 21 defendants. Additionally, four of the seven previously incarcerated individuals were released due to insufficient evidence. The remaining defendants received varying prison sentences, reflecting the diverse range of charges and their corresponding degrees of involvement in the criminal activities.
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