The previous CEO of Turkish crypto trade Thodex, Faruk Fatih Özer, was sentenced to 11,196 years in jail by a Turkish court docket on prices of “establishing, managing and being a member of a corporation,” “certified fraud,” and “laundering of property values.”
The Anatolian ninth Excessive Felony Courtroom sentenced Özer alongside along with his two siblings to the identical jail sentence of 11,196 years, 10 months and 15 days in jail together with a $5-million high quality, reported Turkish state-run information company Anadolu Company.
The Turkish crypto trade was one of many largest digital asset buying and selling platforms within the nation earlier than it abruptly imploded in 2021. The trade halted providers on the platform with out prior discover, and the founder, Özer, fled the nation together with customers’ belongings totaling $2 billion in crypto. On the time, Özer had refuted all claims of a attainable exit rip-off.
The fugitive founder was lastly detained in Albania in August 2022, the place he was serving a jail sentence, earlier than he was extradited to Türkiye in April 2023 on prices of fraud and cash laundering. Özer was already in jail for failure to submit tax paperwork since July, whereas the newest conviction comes for defrauding prospects.
Associated: Particular person behind $3.4B Silk Highway Bitcoin theft sentenced to 1 12 months in jail
The founding father of the crypto trade claimed in court docket that he and his household are going through injustice. He stated Thodex was only a crypto firm that went bankrupt and had no prison intentions. A Google-translated model of Özer’s court docket assertion learn:
“I’m good sufficient to handle all establishments on the earth. That is evident from the corporate I based on the age of twenty-two. If I had been to determine a prison group, I’d not act so amateurishly. What’s in query is it’s clear that the suspects within the file have been victims for greater than 2 years.”
The long-drawn-out case towards the Thodex crypto trade had 21 defendants, 5 of whom attended the court docket listening to in particular person. The court docket acquitted 16 defendants of “certified fraud” attributable to lack of proof and ordered the discharge of 4 defendants. The opposite defendants within the case obtained various levels of sentences based mostly on their involvement within the fraud.
Journal: Crypto Twitter Corridor of Flame: Professional-XRP lawyer John Deaton ‘10x extra into BTC, 4x extra into ETH
