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Thodex Crypto Exchange CEO, Faruk Fatih Ozer, sentenced to 11,196 years in prison.



Following a long legal battle and extradition from Albania, a Turkish court has pronounced a strikingly lengthy sentence for Faruk Fatih Ozer, the former CEO of the now-defunct Thodex cryptocurrency exchange.

Ozer, along with his two siblings, was found guilty of an array of charges such as aggravated fraud, leading a criminal organization, and money laundering. 

The verdict, delivered late Thursday in Istanbul, resulted in an astonishing 11,196-year imprisonment for Ozer, matching the same length of jail terms given to his siblings.

Despite the collapse of Thodex and his subsequent escape to Albania, Ozer, the founder of the company, maintained his confidence and defiance during his final hearing.

In a statement reported by the state-run Anadolu Agency, Ozer emphasized his capability, stating that his intelligence is sufficient to lead any organization worldwide. 

He highlighted the success of his company, which he established at the young age of 22. Ozer defended himself by asserting that his actions would not have been so unprofessional if this were truly a criminal enterprise.

During the July hearing at the Anatolian 9th High Criminal Court in Istanbul, the prosecutors put forth their request for a prison sentence of 12,142 to 40,462 years for Ozer, alleging charges such as “organizing a criminal group,” “utilizing information systems, banks, or credit institutions for fraudulent purposes,” and “engaging in money laundering related to fraudulent activities or crimes committed by business owners, company managers, and cooperative managers.” Surprisingly, the court decided to slightly decrease the sentence to 11,196 years.

While the exact magnitude of investor losses resulting from the Thodex collapse is a subject of disagreement, it is undeniable that substantial financial damage has been inflicted.

The prosecutor’s indictment suggests losses of 356 million Turkish liras (approximately $13 million), but media reports in Turkey claim figures as high as $2 billion.

Additionally, a study conducted by Chainalysis estimates the cryptocurrency losses at Thodex to be valued at $2.6 billion. 

Read also: $1.9 million strategic funding round secured by Nestcoin.

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