Faruk Fatih Özer, the founder of Thodex, a Turkish cryptocurrency exchange that collapsed in 2021, has been sentenced to 11,196 years, ten months, and 15 days in prison. Alongside him, his older sister and brother were also sentenced to the same jail term. The trio was found guilty of defrauding 400,000 users of over $2 billion in cryptocurrencies. In addition to the prison sentence, they were also fined 135 million liras ($5 million).
Özer, who was arrested in August 2022 after Interpol issued a red notice against him, had fled to Albania after his exchange suddenly ceased operations. He provided various excuses for the closure, including a pause in Trading activities due to an undefined Investment and a cyber attack that resulted in the loss of user assets. However, he was eventually extradited to Turkey in April to face fraud charges.
During his first trial in June, Özer denied the accusations brought against him and claimed that he was framed. He was sentenced to seven months and 15 days in jail in July for failing to submit certain documents to the Turkish Tax Inspection Board. The punishment was originally one and a half years, but it was reduced based on his behavior, social relations, and potential impact on his future.
In the most recent trial, prosecutors accused Özer of establishing and managing Thodex to deceive and defraud users. They alleged that he used information systems, banks, and credit institutions as tools for the scheme. Seven other defendants were accused of laundering the proceeds of the crime as company and cooperative managers.
Özer defended himself by claiming that Thodex had gone bankrupt and that he wouldn’t have acted so amateurishly if he intended to form a criminal organization. He insisted that there was no mention of a criminal organization in Thodex and argued that he was capable of managing all institutions in the world, citing the success of the company he founded at the age of 22.
Out of the 21 defendants in the trial, 16 were acquitted, and four were released due to a lack of evidence. While the defendants faced up to 40,564 years in prison in total, the court handed down various jail sentences to the remaining individuals.
Overall, Faruk Fatih Özer and his siblings have been found guilty of defrauding hundreds of thousands of users through Thodex, resulting in an astronomical sum of over $2 billion in stolen cryptocurrencies. Their sentencing marks a significant step towards justice for the victims and sends a strong message against fraudulent activities in the cryptocurrency space..
#Thodex #Founder #Faruk #Özer #Siblings #Sentenced #Years #Prison #Report
Özer, who was arrested in August 2022 after Interpol issued a red notice against him, had fled to Albania after his exchange suddenly ceased operations. He provided various excuses for the closure, including a pause in Trading activities due to an undefined Investment and a cyber attack that resulted in the loss of user assets. However, he was eventually extradited to Turkey in April to face fraud charges.
During his first trial in June, Özer denied the accusations brought against him and claimed that he was framed. He was sentenced to seven months and 15 days in jail in July for failing to submit certain documents to the Turkish Tax Inspection Board. The punishment was originally one and a half years, but it was reduced based on his behavior, social relations, and potential impact on his future.
In the most recent trial, prosecutors accused Özer of establishing and managing Thodex to deceive and defraud users. They alleged that he used information systems, banks, and credit institutions as tools for the scheme. Seven other defendants were accused of laundering the proceeds of the crime as company and cooperative managers.
Özer defended himself by claiming that Thodex had gone bankrupt and that he wouldn’t have acted so amateurishly if he intended to form a criminal organization. He insisted that there was no mention of a criminal organization in Thodex and argued that he was capable of managing all institutions in the world, citing the success of the company he founded at the age of 22.
Out of the 21 defendants in the trial, 16 were acquitted, and four were released due to a lack of evidence. While the defendants faced up to 40,564 years in prison in total, the court handed down various jail sentences to the remaining individuals.
Overall, Faruk Fatih Özer and his siblings have been found guilty of defrauding hundreds of thousands of users through Thodex, resulting in an astronomical sum of over $2 billion in stolen cryptocurrencies. Their sentencing marks a significant step towards justice for the victims and sends a strong message against fraudulent activities in the cryptocurrency space..
#Thodex #Founder #Faruk #Özer #Siblings #Sentenced #Years #Prison #Report
