Thodex Founder and Siblings Sentenced to Over 11,000 Years in Prison for Cryptocurrency Exchange Collapse

September 8, 2023.

Faruk Fatih Özer, founder of the now-defunct Turkish crypto exchange Thodex, along with his sister Serap Özer and brother Güven Özer, has been sentenced to a total of 11,196 years, 10 months, and 15 days in prison, as reported by local media. Additionally, a judicial fine of 135 million liras (approximately $5 million) was imposed. Thodex, once one of Turkey’s largest crypto exchanges, abruptly went offline in April 2021, leaving over 400,000 members without access to $2 billion in cryptocurrency deposits. Özer fled to Albania but was arrested in August 2022 after an Interpol red notice was issued. Extradited to Turkey in April 2023, Özer faced charges related to the collapse, including managing an organization for criminal purposes, fraud, and money laundering. The trial involved 21 defendants, resulting in varying degrees of imprisonment for some, acquittal for others, and the release of four due to a lack of evidence. The Thodex collapse had significant repercussions in Turkey, where crypto served as a hedge against inflation and lira devaluation.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top