Former Thodex chief sentenced to 11,196 years in prison

A court in Turkey has concluded proceedings against the founder and former CEO of the cryptocurrency exchange Thodex, Faruk Fatih Özer, along with his sister and brother. Local media report.

According to charges, including fraud and money laundering, they were sentenced to 11,196 years, 10 months and 15 days in prison each. The court also imposed a fine of 135 million lira (about $5 million).

An acquittal was issued for 16 of the 21 defendants. Four people were released from prison due to lack of evidence; the others received various sentences.

On 20 April 2021, Thodex suddenly halted trading. Initially, the platform cited maintenance work, but later said it was transferring the business to a “major partner,” which allegedly would take 4-5 days. Users were concerned by the company’s closure of social-media accounts.

As part of the investigation into the alleged exit scam, authorities issued arrest warrants for 78 people connected to the platform. The majority of the suspects have been detained.

Özer stated that he did not intend to flee. However, according to Reuters, on the day trading halted on Thodex he was detained by local authorities.

Earlier in April 2023, the exchange’s former CEO extradited to Turkey.

Earlier, the local prosecutor’s office charged Özer and 20 other defendants with creating a criminal organisation, fraud and money laundering. For them, prosecutors sought more than 40,000 years in prison.