The previous CEO of Turkish crypto trade Thodex, Faruk Fatih Özer, was sentenced to 11,196 years in jail by a Turkish court docket on costs of “establishing, managing and being a member of a company”, “certified fraud”, “laundering of property values”.

The Anatolian ninth Excessive Legal Courtroom sentenced Ozer alongside along with his two siblings to the identical jail sentence of 11 thousand 196 years, 10 months and 15 days in jail together with a $5 million tremendous, reported Turkish state-run information company, Anadolu Company.

The Turkish crypto trade was one of many largest digital asset buying and selling platforms within the nation earlier than it abruptly imploded in 2021. The trade halted companies of the platform abruptly with out prior discover and the founder Özer fled the country together with customers’ property totalling $2 billion complete in crypto. On the time Ozer had refuted all claims of a doable exit rip-off.

The fugitive founder was finally detained in Albania in August 2022 where he was serving a jail sentence before he was extradited to Turkey in April 2023 on costs of fraud and cash laundering. Ozer was already in jail for failure to submit the tax documents since July, whereas the latest conviction comes for defrauding prospects.

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The founding father of the crypto trade claimed in court docket that he and his household are dealing with injustice. He mentioned Thodex was only a crypto firm that went bankrupt and had no legal intentions. A Google-translated model of Özer’s court docket assertion learn:

” I’m good sufficient to handle all establishments on the earth. That is evident from the corporate I based on the age of twenty-two. If I have been to determine a legal group, I might not act so amateurishly. What’s in query is It’s clear that the suspects within the file have been victims for greater than 2 years.”

The long-drawn-out case towards the Thodex crypto trade had 21 defendants out of which 5 attended the court docket listening to in individual. The court docket acquitted 16 defendants of “certified fraud” as a consequence of lack of proof, and ordered the discharge of 4 defendants. The opposite defendants within the case acquired various levels of sentences based mostly on their involvement within the fraud.

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