Introduction

Faruk Fatih Ozer, the former CEO of Thodex, a crypto exchange, has been sentenced to 11,196 years in prison by a Turkish court. Ozer and his two siblings were found guilty of crimes including fraud, aggravated fraud, leading a criminal organization, and money laundering.

Ozer’s Background and Unrepentant Attitude

Ozer, who founded Thodex in 2017 and later fled to Albania after the exchange collapsed, appeared unrepentant during his final hearing. He claimed to be smart enough to lead any institution and denied any involvement in criminal activities.

The Extent of Investor Losses

The exact amount of losses suffered by investors due to Thodex’s collapse remains uncertain. The prosecutor’s indictment estimates the losses at 356 million liras ($13 million), but Turkish media reports suggest figures as high as $2 billion. A study by Chainalysis indicates that the value of cryptocurrency lost at Thodex amounts to $2.6 billion.

Extradition and Legal Process

Ozer was extradited from Albania to Turkey earlier this year after a lengthy legal process. The court’s verdict marks a significant step in holding him accountable for his actions.