The Boss Of A Cryptocurrency Platform Gets More Than 11 Years In Prison

Faruk Fatih Özer, founder of the crypto exchange platform Thodex, has just received a spectacular sentence. Even if Turkish justice is known to inflict this kind of sentence, that of the former boss reaches a record. Indeed, the latter faced numerous charges after Thodex went bankrupt in 2021, depriving its 400,000 users of their assets.

A collapsing giant

After his run and then his arrest in 2022 in Albania, Faruk Fatih Özer is now fixed on his fate. The ex-boss receives precisely 11,196 years, 10 months and 15 days in addition to a fine of 135 million Turkish liras (about 5 million dollars). In addition, members of his family and entourage are also sentenced to severe penalties. His sister Serap Özer and brother Güven Özer are notably on the list of those found guilty.

Faruk Fatih Özer was accused, among other things, of creating and managing a criminal organization, large-scale fraud and money laundering. As a reminder, its crypto asset trading platform was one of the largest in Turkey. However, Thodex had ceased operations abruptly in April 2021 due to bankruptcy.

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Then, no reimbursement procedure was put in place by the leaders who preferred to take to their heels, Faruk Fatih Özer first. However, he will eventually be arrested in 2022 in Albania, thanks to a red alert from Interpol. Extradited to Turkey in April 2023, he finally answers for his acts of fraud involving around 2 billion dollars in assets.

The more severe FTX case

The conviction of the former boss of Thodex also recalls another current event in the United States. These include the FTX affair that has rocked the crypto community since the start of the year. In this legal saga, the boss of FTX, Samuel Bankman-Fried faces up to 115 years in prison for 8 counts related to financial embezzlement.

Finally, a century in prison may be a consolation compared to the 11,196 years inflicted on Faruk Fatih Özer, but the two may not regain their freedom. Nevertheless, the judgment of Samuel Bankman-Fried is still pending and it is possible that he will do better even if most of his colleagues have already confessed.

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