Bloomberg: CEO of Turkish Cryptocurrency Exchange Sentenced to Over 11,000 Years in Prison

Introduction

Bloomberg News reported on the 8th (local time) that a court in Turkey sentenced the CEO of a local cryptocurrency exchange to 11,196 years in prison on charges of fraud.

The Sentencing

The Turkey Court sentenced Farooq Fatih Ozer (28 years old), the founder and CEO of the local cryptocurrency exchange Todex, to prison on charges of securities fraud, forming a criminal organization, and money laundering.

Todex’s Bankruptcy

Ozer founded Todex with his younger brother in 2017 and has been running it since then. However, Todex went bankrupt in 2021 due to a liquidity crisis.

The Arrest and Extradition

Afterwards, he fled to Albania. However, he was arrested by Albanian police earlier this year and extradited to Turkey, where an extradition agreement was signed. He has since been put on trial.

Denial of Charges

At trial, he denied most of the charges, claiming, “I am smart enough to lead any organization or organization on Earth.” In particular, he protested to the court, which considered the cryptocurrency exchange a ‘criminal organization’, saying, “If it were a criminal organization, it would not have acted so amateurishly.”

Todex’s Property Damage

Turkey media estimates that Todex’s bankruptcy caused property damage worth $2 billion (about 2.674 trillion won).

Another Case: Terraform Labs CEO

Meanwhile, Kwon Do-hyung, CEO of Terraform Labs, who is from Korea and is being pursued by Korean and U.S. judicial authorities, was arrested in Montenegro on March 23, but has not yet been extradited to Korean or U.S. judicial authorities. If Representative Kwon is extradited to the United States, it is highly likely that he will be sentenced to more than 100 years in prison due to the United States’ strict standards for financial crimes.

US Prosecutors’ Charges

The U.S. prosecutors believed that Terra and Luna had securities properties and indicted CEO Kwon on eight charges, including securities fraud. Experts agree that due to the nature of the United States, which combines the sentences for each charge, it is highly likely that a harsher punishment of 100 years or more will be imposed.

Conclusion

According to Donga, the CEO of a Turkish cryptocurrency exchange has been sentenced to over 11,000 years in prison on charges of fraud. This case highlights the legal consequences faced by individuals involved in fraudulent activities in the cryptocurrency industry.

About the Author

Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.