A Turkish Cryptocurrency Boss Sentenced to 11,196 Years in Prison
Introduction
A 29-year-old Turkish cryptocurrency boss convicted of fraud, money laundering, and organized crime was sentenced to 11,196 years in prison in Istanbul. Prosecutors had recommended a sentence of 40,562 years, but the defendant’s siblings were also convicted on the same charges.
The Rise and Fall of Thodex
Faruk Fatih Ozer founded Thodex in 2017, which became one of Turkey’s largest virtual currency exchanges. However, in 2021, the company collapsed, resulting in a loss of $2 billion for investors. Ozer, who dropped out of high school, fled to Albania when Thodex’s fortunes declined. He was later extradited to Turkey to stand trial in June.
Hakan Akgun/ dia images via Getty Images
Faruk Fatih Özer, founder of Thodex, is brought to Turkey from Tirana on April 20, 2023 in Istanbul, Turkey.
Ozer’s Defense
Ozer disputed the prosecutors’ claims that he led a criminal enterprise. He argued that he wouldn’t have acted so unprofessionally if that were the case.
Incredibly Long Sentences in Turkey
Turkey has seen cases with remarkably long prison sentences in the past. For instance, cult leader Adnan Oktar and his associates were sentenced to 8,658 years in prison in 2022 for fraud and sex crime charges.
