Faruk Fatih Özer, the CEO and founder of the now-defunct Turkish cryptocurrency alternate Thodex, alongside along with his sister Serap Özer and brother Güven Özer, has been sentenced to an astonishing 11,196 years, 10 months, and 15 days in jail, as reported by native media. Moreover, a considerable judicial tremendous of 135 million Turkish liras (roughly $5 million) has been imposed on them.
Thodex was amongst Turkey’s largest cryptocurrency exchanges till it abruptly ceased operations in April 2021, coinciding with Faruk Özer’s disappearance. This sudden shutdown left over 400,000 members unable to entry deposits amounting to $2 billion in cryptocurrencies. Faruk Özer had fled to Albania however was arrested in August 2022 following an Interpol crimson discover issued in opposition to him.
Thodex was amongst Turkey’s largest cryptocurrency exchanges.
A number of expenses
By April 2023, Özer had been extradited to Turkey and detained by the police upon his arrival. He confronted a number of expenses, together with establishing and managing a corporation with prison intent, being a member of a prison group, fraudulent actions involving data programs of banks or credit score establishments, fraud concentrating on retailers, firm executives, and cooperative managers, in addition to cash laundering related to property obtained via prison means.
Upon the case’s revelation, Özer’s brother, sister, and 4 different high-ranking workers have been imprisoned, whereas no less than 83 people have been detained through the investigation. The following trial concerned 21 defendants going through potential sentences totaling as much as 40,564 years in jail.
The decision
The decision, delivered by the Anatolian ninth Heavy Penal Court docket, resulted within the acquittal of 16 out of the 21 defendants, with 4 of the seven beforehand jailed people being launched attributable to inadequate proof. The remaining defendants acquired various jail sentences for his or her involvement in varied prison actions.
Thodex’s collapse had a major influence in Turkey, the place cryptocurrencies had been sought as a hedge in opposition to hovering inflation and the fast devaluation of the nationwide foreign money, the lira. The case underscores the significance of regulatory oversight and safety within the cryptocurrency business to guard traders and preserve belief within the sector.
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