Turkish Crypto Exchange CEO Sentenced to 11,000 Years Behind Bars

Faruk Fatih Özer, the CEO of Thodex, a leading Turkish cryptocurrency exchange that collapsed, has been handed a prison sentence of 11,196 years, 10 months, and 15 days. The court ruling followed allegations that he had made off with cryptocurrencies worth over $2 billion. These assets belonged to over 400,000 of the platform’s customers.

Background on the Case

Prosecutors had originally sought an astounding 40,562 years of jail time for the 29-year-old CEO. The court eventually determined that Thodex operated as a criminal entity. Both Faruk’s sister, Serap, and brother, Guven, also faced guilty verdicts on charges similar to those of Özer, including money laundering and fraud.

A Look at the Charges

Özer faced a multitude of charges. These ranged from fraud to money laundering and spearheading a criminal group. From the start, the court perceived that he had devious intentions.

Despite the court’s stance, Özer contested the notion that he operated with criminal aims. He conveyed his sentiments to the court, emphasizing that had he had malevolent intentions, he wouldn’t have approached the business naively. The state-affiliated Anadolu Agency captured his declaration:

“I am smart enough to lead any institution on Earth … That is evident in this company I established at the age of 22.”

Thodex’s Downfall

Thodex, set up in 2017, emerged as a dominant player in the Turkish cryptocurrency landscape. However, things took a turn in April 2021. The platform unexpectedly shut down. Özer vanished, and a staggering number of customers—over 400,000 to be precise—found themselves locked out of their accounts, unable to access their digital assets.

The international police organization, Interpol, was soon involved. They issued a red notice which led to Özer’s apprehension in Albania by August of the same year. After enduring an extensive legal journey, he was finally sent back to Turkey by June. The court subsequently convicted him of several crimes including money laundering and fraud.