Turkish crypto exchange Thodex CEO gets 11,000-year sentence for $2B scam: Report

The erstwhile CEO of Turkish crypto speech Thodex, Faruk Fatih Özer, was sentenced to 11,196 years successful situation by a Turkish tribunal connected charges of "establishing, managing and being a subordinate of an organization", "qualified fraud", "laundering of spot values".

The Anatolian 9th High Criminal Court sentenced Ozer on with his 2 siblings to the aforesaid jailhouse condemnation of 11 1000 196 years, 10 months and 15 days successful situation on with a $5 cardinal fine, reported Turkish state-run quality agency, Anadolu Agency.

The Turkish crypto speech was 1 of the largest integer plus trading platforms successful the state earlier it abruptly imploded successful 2021. The speech halted services of the level abruptly without anterior announcement and the laminitis Özer fled the country on with users' assets totalling $2 cardinal full successful crypto. At the clip Ozer had refuted each claims of a imaginable exit scam.

The fugitive laminitis was finally detained successful Albania successful August 2022 wherever helium was serving a jailhouse condemnation earlier helium was extradited to Turkey in April 2023 connected charges of fraud and wealth laundering. Ozer was already successful jailhouse for nonaccomplishment to submit the taxation documents since July, portion the astir caller condemnation comes for defrauding customers.

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The laminitis of the crypto speech claimed successful tribunal that helium and his household are facing injustice. He said Thodex was conscionable a crypto institution that went bankrupt and had nary transgression intentions. A Google-translated mentation of Özer’s tribunal connection read:

" I americium astute capable to negociate each institutions successful the world. This is evident from the institution I founded astatine the property of 22. If I were to found a transgression organization, I would not enactment truthful amateurishly. What is successful question is It is wide that the suspects successful the record person been victims for much than 2 years.”

The long-drawn-out lawsuit against the Thodex crypto speech had 21 defendants retired of which 5 attended the tribunal proceeding successful person. The tribunal acquitted 16 defendants of "qualified fraud" owed to deficiency of evidence, and ordered the merchandise of 4 defendants. The different defendants successful the lawsuit received varying degrees of sentences based connected their engagement successful the fraud.

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