A former cryptocurrency CEO has been jailed for over 11,000 years after stealing $2 billion from customers.
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A former cryptocurrency CEO, Faruk Fatih Ozer, has been sentenced to over 11,000 years in prison for stealing $2 billion from customers. Ozer, who was the CEO of the company Thodex, fled to Albania in 2021 after the exchange collapsed. He was later extradited back to Turkey and found guilty of money laundering, fraud, and organized crime.
The Collapse of Thodex
In June, Thodex, the cryptocurrency exchange owned by Ozer, went offline, leaving almost 400,000 customers unable to access their accounts. This prompted authorities to launch an investigation to track down Ozer.
Legal Proceedings and Claims
Ozer, along with his sister Serap and brother Guven, was found guilty of the charges. However, Ozer claimed that he temporarily closed his company to conduct a cyber attack investigation and denied any criminal intentions. He even boasted about his capabilities, stating that he was smart enough to lead any institution on Earth.
Sentencing and Penalty
The court sentenced Ozer to 11,196 years in prison and imposed a penalty of 135 million Turkish Liras (US$5 million). The case affected over 2,000 victims who fell victim to Ozer’s fraudulent activities.
Not the Longest Sentence
Although Ozer’s sentence is significantly long, it is not the highest in the world. Chamoy Thipyaso from Thailand currently holds the record for the longest prison sentence for fraud. She is serving 141,078 years in prison after defrauding over 16,000 people. Thipyaso set up a fraudulent fund in the 60s, promising high returns to investors. She was eventually caught in the 80s after stealing millions from her victims.
The case of Faruk Fatih Ozer highlights the consequences faced by individuals involved in cryptocurrency fraud. Despite the severity of his sentence, it serves as a reminder that fraudulent activities in the cryptocurrency industry will not go unpunished.
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