Former turkish crypto CEO sentenced to over 11,000 years in jail

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Former turkish crypto CEO sentenced to over 11,000 years in jail
Former turkish crypto CEO sentenced to over 11,000 years in jail

A Turkish cryptocurrency founder, along with his two brothers, has been sentenced to 11,196 years in prison each, as reported by the Anadolu state news agency.

Faruk Fatih Ozer, the former boss of Thodex, faced charges including money laundering, fraud, and establishing a criminal organization, with prosecutors initially seeking a 40,562-year sentence.

Ozer and his brothers, Serap and Guven, received the same sentence after a brief trial.

Founder fled with millions in investor assets

Ozer had initially fled Turkey in April 2021 amid reports of taking $2 billion in investor assets, although the actual figure was disputed.

Prosecutors alleged that Ozer had moved 250 million liras in user assets (approximately $30 million at the time) to three secret accounts before leaving Turkey, with much of the money ending up in a bank in Malta.

The indictment accused the Ozer brothers of causing 356 million liras in damages to clients.

The case garnered significant attention as it coincided with a cryptocurrency boom in Turkey, driven by citizens seeking refuge from the plummeting value of the Turkish lira

However, the government later imposed stricter regulations on cryptocurrencies, leading to a decline in crypto investments.

Ozer’s arrest occurred in Albania in response to an international arrest warrant from Interpol.