Faruk Fatih Ozer was given a verdict on Thursday by a court in Istanbul. He was found guilty of various crimes, including fraud and money laundering, as reported by Bloomberg.
The founder of Thodex, a cryptocurrency exchange in Turkey that went out of business, has been sentenced to an astonishing 11,196 years in prison by a Turkish court. This punishment comes as a result of various crimes, including fraud.
In addition to the founder, Faruk Fatih Ozer, his two siblings also received similar prison sentences from the Istanbul court. Their crimes include serious fraud, money laundering, and leading a criminal group, according to Bloomberg.
Ozer made headlines when Thodex suddenly stopped trading in April 2021, leaving over 400,000 users without access to their funds. He disappeared at that time and was believed to have fled to Albania. However, he was eventually brought back to Turkey earlier this year through extradition.
Huge Deception in Cryptocurrency
In 2021, Turkish police arrested 62 individuals as part of their initial investigation.
According to the prosecutor’s report from April 2022, they estimated that the losses incurred at the exchange were approximately $24 million.
However, Chainalysis, a blockchain data firm, estimated that the losses were actually around $2.52 billion. This staggering amount would account for 90% of the total value lost globally due to fraudulent schemes like rug pulls in 2021.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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