In a landmark case, Faruk Fatih Ozer, the founder of Turkey’s pioneering global crypto exchange Thodex, along with his two brothers, has been sentenced to an astonishing 11,196 years in prison each. The verdict comes after they were found guilty of crypto fraud, money laundering, and involvement in a criminal organization.
Thodex Founder and Brothers Sentenced to 11,196 Years Each
The prosecution revealed that in April 2021, as Faruk attempted to flee Turkey, he transferred 250 million lira (equivalent to approximately 30 million dollars at the time) to three secret accounts, with a significant portion of the funds ultimately finding their way to a bank in Malta. Consequently, the Ozer siblings, comprising Faruk, Serap, and Güven, in tandem with their clients, caused a staggering loss of 356 million lira. This case garnered substantial attention, particularly given that it unfolded during the zenith of Turkey’s crypto industry, which has since dwindled due to increased government regulation.
How Faruk Ozer’s $200 Million Fleeing Sparked Controversy
Turkey turned to cryptocurrencies as a hedge against the substantial depreciation of the lira, a trend that commenced over two years ago. Faruk gained notoriety after a photograph of him alongside extremist supporters of the government surfaced. However, in April 2021, he absconded with assets belonging to investors, amounting to a contentious figure of $200 million. Debate continues regarding the accuracy of this sum. The charges of money laundering, fraud, and involvement in a criminal organization prompted prosecutors to seek severe prison sentences.
This prolonged period of incarceration in Turkey reflects the absence of the death penalty, which was abolished following the country’s accession to the European Union in 2004. Consequently, stringent prison sentences have been adopted as a substitute for the death penalty, serving as a formidable deterrent to criminal activities.
