The Founder of Failed Cryptocurrency Exchange in Turkey Sentenced to 11,196 Years in Prison
The downfall of crypto has been playing out in courtrooms across the world. And now the founder of a failed cryptocurrency exchange in Turkey is facing a lengthy—very lengthy—prison sentence.
Background
- Faruk Fatih Özer, the creator of Thodex exchange, will be serving an 11,196-year jail term.
- He was initially charged with fraud, money laundering, and operating a criminal organization, all of which he denied.
- Thodex came apart back in 2021, with its users losing $2 billion worth of cryptocurrency after being denied access to withdrawing funds.
Özer’s Defense
Özer told the court, “If I were to establish a criminal organization, I would not act so amateurishly,” according to the Turkish state-run outlet Anadolu Agency.
Lengthy Prison Terms in Turkey
The Wall Street Journal noted that lengthy prison terms aren’t uncommon in Turkey. Prosecutors in this case had initially wanted a maximum of 40,000 years for Özer. In an unrelated case last year, a Turkish preacher found guilty of sexual assault and abuse of minors was given more than 8,600 years in jail.
Comparison to Similar Cases
Such long prison sentences are practically unheard of in the United States, especially in similar crypto-related cases. Sam Bankman-Fried, the founder of FTX crypto exchange, is facing up to 115 years in prison. His trial begins next month, and he has similarly denied the charges against him. Meanwhile, Bankman-Fried’s former colleague Ryan Salame pleaded guilty on Thursday to criminal charges related to FTX’s collapse. Salame faces up to 10 years in jail, a mere one-thousandth of Özer’s sentence.
Satisfaction for the Victims
While 11 millennia may seem unnecessary, for those who lost their money because of Özer’s crypto grift, the jail sentence has to be pretty satisfying.
