The Rise and Fall of a Cryptocurrency Scam: Faruk Fatih Özer Sentenced to Thousands of Years in Prison

The cryptocurrency and NFT bubble gave rise to a lot of illegal practices that, unfortunately, affected thousands of people who wanted to venture into these technologies to obtain some economic benefit. Luckily, justice put in his place a businessman who wanted to be clever and stole thousands of dollars.

Introduction

Last year we told you about the case of Faruk Fatih Özer, a Turkish tycoon who reportedly scammed thousands of users through Thodex, his cryptocurrency exchange company that abruptly stopped operating in April 2021.

Scam and Cryptocurrency Theft

With the closure of this company, more than 400,000 users who invested in the cryptocurrency platform lost more than $2 MMDD. The businessman fled Turkey with that amount. After 16 months on the run, the police force arrested him in Vlorë, Albania, in September 2022 and Interpol began the process to extradite him to Turkey; He arrived in the country in April of this year.

Sentence and Charges

Now, the Turkish authorities handed down a sentence earlier this month. Faruk Fatih Özer will reportedly have to pay a staggering sentence of over 11,000 years in prison for his scams related to his cryptocurrency company. Originally, prosecutors requested a sentence of 40,582 years.

The founder and CEO of Thodex was charged with fraud, leading a criminal organization and money laundering. In addition, his two brothers will have to face the same sentence for their relationship with the crypto exchange platform scam.

Common Scams in the Crypto World

Unfortunately, scam cases like these involving NFTs and crypto are all too common. We recently told you about the case of Logan Paul, a popular wrestler and content creator who was involved in a scandal related to a Play-To-Earn game that he promoted.

Conclusion

The rise of cryptocurrencies and NFTs has brought both opportunities and risks. It is important for individuals to be cautious and do thorough research before investing in any crypto-related platforms. Authorities are cracking down on fraudulent activities, as demonstrated by the sentencing of Faruk Fatih Özer. Stay informed and stay safe in the ever-evolving world of cryptocurrencies.