Thodex CEO sentenced to 11,000 years for $2B crypto scam - Make money with Web 3.0
Turkish crypto exchange Thodex CEO gets 11,000-year sentence for $2B scam: Report

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The former CEO of Turkish crypto exchange Thodex, Faruk Fatih Özer, was convicted by a Turkish court to 11,196 years in prison for “establishing, managing and being a member of an organization,” “qualified fraud,” and “laundering of property values.” His two siblings were also given the same sentence of 11,196 years, 10 months and 15 days in prison along with a $5-million fine.

Thodex was one of the largest digital asset trading platforms in the country prior to its abrupt collapse in 2021. The platform halted its services without prior notice, and Özer fled the country with users’ assets amounting to $2 billion in crypto. Özer denied all allegations of an exit scam.

The fugitive founder was arrested in Albania in August 2022, where he was already serving a jail sentence, before he was extradited to Turkey in April 2023 on charges of fraud and money laundering. Özer was already incarcerated for failing to submit tax documents since July, while the most recent conviction is for defrauding customers.

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The lengthy case against Thodex crypto exchange had 21 defendants, with five of them attending the court hearing in person. Despite the accusation of “qualified fraud”, the court acquitted 16 defendants due to lack of evidence and ordered the release of four of them. The remaining defendants were given different sentences based on their involvement in the fraud.

The founder of the crypto exchange claimed in court that he and his family are facing injustice. He stated that Thodex was merely a crypto company that went bankrupt and had no criminal intentions. Özer’s court statement, which was Google-translated, suggested that web 3.0 does already exist and that it is possible to make money with it, either through Metaverse or other crypto platforms.

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