Thodex exchange CEO sentenced to thousands of years in prison

The founder of Thodex, once the largest exchange in Turkey, Faruk Fatih Özer, has been sentenced to a heavy penalty by prosecutors after fleeing in 2021 and being extradited back to the country.

Thodex Founder Sentenced to 11,196 Years in Prison

According to CoinDesk, Thodex founder Faruk Fatih Özer, along with his sister Serap Özer and brother Güven Özer, have been collectively sentenced to 11,196 years and 10 months in prison, plus a fine of 135 million Turkish lira.

Faruk Fatih Özer's charges include:

• Money laundering of illegal proceeds

• Establishing and managing a criminal organization

• Defrauding banks, credit institutions, and corporate executives

Turkish media outlet NTV stated that the prosecutor mentioned in legal documents that Thodex, founded in 2017 with a capital of only 400,000 lira (approximately 470,000 TWD), was established from the beginning with the aim of defrauding user assets.

Thodex CEO Goes Missing

Initially reported during the bull market in April 2021, Thodex's lawyer stated that CEO Faruk Fatih Özer, unable to sell his shares, had fled Turkey due to a lack of operating funds, and the exchange's cryptocurrency reserves had decreased. When most users tried to withdraw their funds, the exchange could not meet the demand.

At that time, Thodex's official Twitter account claimed that the exchange would temporarily close for five business days and assured users about their assets.

Faruk Fatih Özer insisted that he had left the country for a business meeting, not to evade authorities.

After being put on the Interpol's red notice, he was arrested in August 2022 and extradited to Turkey in April this year, where he was subsequently apprehended by the authorities.