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Thodex CEO receives 11,000-year sentence for $2B crypto scam in Turkey.

Former Thodex CEO, Faruk Fatih Özer, and his two siblings have been sentenced to 11,196 years, 10 months, and 15 days in prison,

along with a $5 million fine, by the Anatolian 9th High Criminal Court in Turkey.

The charges include “establishing, managing and being a member of an organization,” “qualified fraud,” and “laundering of property values,”

as reported by the Turkish state-run news agency Anadolu Agency.

Thodex, once one of Turkey’s largest crypto exchanges, faced a sudden collapse in 2021 when it halted its services without prior notice.

Özer, the founder, fled the country, leaving behind approximately $2 billion worth of users’ assets in cryptocurrency.

Despite denying any involvement in an exit scam,

Özer’s actions raised suspicions.

After being a fugitive for some time, Özer was apprehended in Albania in August 2022,

where he was serving a separate prison sentence.

In April 2023, authorities extradited him to Turkey, where he faced charges of fraud and money laundering.

Prior to this conviction, Özer had already been jailed since July for failing to submit tax documents,

while the recent sentencing specifically relates to defrauding customers.

Founder of Thodex Claims Injustice: Court Proceedings and Outcomes Revealed

During the court proceedings, the founder of the crypto exchange, Thodex,

maintained that he and his family were victims of injustice.

He argued that Thodex was simply a cryptocurrency company that experienced bankruptcy and had no criminal intent.

“I am smart enough to manage all institutions in the world. This is evident from the company I founded at the age of 22. If I were to establish a criminal organization, I would not act so amateurishly. What is in question is it is clear that the suspects in the file have been victims for more than 2 years.”

The extensive legal case involving Thodex encompassed a total of 21 defendants,

with five of them present at the court hearing.

The court acquitted 16 defendants of the charge of “qualified fraud” due to insufficient evidence and ordered the release of four defendants.

although The remaining defendants received different sentences depending on the extent of their involvement in the fraudulent activities.

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