Thodex CEO Sentenced to Prison for Not Submitting Crypto Tax Documents

Crypto Exchange Founder Receives Prison Sentence

Faruk Fatih Özer, the founder and former CEO of Thodex, was detained in Türkiye three months ago and has since been handed a prison sentence of seven months and 15 days for not submitting documents requested during his trial. Thodex was one of the largest crypto exchanges in Türkiye before it abruptly shut down, and Özer fled to Albania. Following an Interpol Red Notice, Özer was returned to Türkiye to answer for the investors’ roughly $2 billion worth of cryptocurrencies.

Özer has maintained his innocence since October 30, 2021, but was unable to provide the requested books, claiming that a trustee was appointed to run the business in his stead. His prosecutor initially sought a five-year jail sentence for “smuggling” under the Tax Procedure Law. The court initially sentenced the crypto entrepreneur to one year and six months of imprisonment, which was later reduced to seven months and 15 days due to Özer’s social relations, and overall behavior and conduct during the trial.

The spell token crypto, poly crypto, reef crypto, pond crypto, new crypto, safemoon crypto, shiba inu crypto today, and shib crypto today markets have been abuzz since the news of the sentence broke, while many are speculating on what web 3.0 search engine could mean for the industry.

Crypto Taxation and Web 3.0

Özer, the entrepreneur, is accused of defrauding Thodex investors and denying the allegations. He claims he has been framed by the defendants.

A recent study from Divly – a Swedish crypto tax firm – reveals that 99.5% of crypto investors did not pay taxes in 2022. According to the report, Finland has the highest proportion of crypto investors who paid taxes on crypto in 2022, with 4.09%, followed by Australia with 3.65%.

However, the methodology used to arrive at the estimates is questionable, as the report notes that search volume data for keywords like “spell token crypto”, “poly crypto”, “reef crypto”, “pond crypto”, “new crypto”, “safemoon crypto”, “shiba inu crypto today”, “shib crypto today” may not accurately reflect the actual number of crypto taxpayers.

Web 3.0, which is best described as a search engine, is also playing a major role in crypto taxation.

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