Cryptocurrency fraudster who stole millions of euros worth of cryptocurrency sentenced to 11,000 years in prison

Turkish media reports that the trial of Faruk Fatih Özer, founder and former CEO of the cryptocurrency exchange Thodex, his sister and brother has ended.

On charges including fraud and money laundering, they were sentenced to 11,196 years, 10 months and 15 days in prison each. The court also imposed a fine of 135 million liras (equivalent to about $ 5 million).

The court acquitted 16 of the 21 defendants in the criminal case. Four people were released from prison due to lack of evidence, while the rest received various prison terms.

As a reminder, on April 20, 2021, the Thodex crypto exchange unexpectedly stopped trading. At first, the platform cited technical work, but then announced the transfer of the business to a «major partner.» The procedure was supposed to take 4−5 days, but users were concerned about the company’s closure of social media accounts.

As part of the investigation into the alleged exit poll, authorities issued arrest warrants for 78 people associated with the platform. Most of the suspects have been detained.

Ozer stated that he had no plans to go into hiding. However, according to Reuters, on the day of the Thodex halt, he flew to Albania, where he was detained by local authorities. In April 2023, the former CEO of the exchange was extradited to Turkey.

Earlier, the local prosecutor’s office accused Ozer and 20 other defendants of creating a criminal organization, fraud, and money laundering. They were sentenced to more than 40,000 years in prison.