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Turkish Crypto Founder and Brothers Sentenced to Over 11,000 Years in Jail

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Turkish Crypto Founder and Brothers Sentenced to Over 11,000 Years in Jail

In a shocking turn of events, Faruk Fatih Ozer, the founder of the Turkish cryptocurrency exchange Thodex, along with his two brothers, has been sentenced to a total of 33,588 years in prison. The charges include money laundering, fraud, and involvement in a criminal organization. Prosecutors had initially sought an astonishing 40,562-year sentence for Ozer, who disappeared in April 2021, reportedly taking a significant amount of investor assets with him, although the exact sum remains disputed.

During the trial, Ozer audaciously defended himself, declaring, “If I were to establish a criminal organization, I would not have acted so amateurishly,” adding an element of intrigue to the proceedings.

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This case unfolded against the backdrop of a cryptocurrency boom in Turkey, driven by citizens seeking refuge from the depreciation of the Turkish lira. Thodex had become a prominent player in the Turkish crypto market, attracting a substantial number of investors.

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Prosecutors alleged that Ozer illicitly transferred 250 million Turkish liras (approximately $30 million at the time) from user accounts to three secret accounts before fleeing the country. A significant portion of these funds was traced to a bank in Malta.

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Turkey is known for imposing extensive prison sentences, a practice that gained prominence after the country abolished the death penalty in 2004 to align with European Union standards.

Ozer’s arrest in Albania on an international Interpol warrant marked a crucial development in this high-profile case, as he had been on the run for over a year.

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The Thodex scandal underscores the importance of increased oversight and regulation in the cryptocurrency industry, as well as the repercussions faced by individuals involved in fraudulent activities within the sector.

While the Turkish crypto market has experienced regulatory changes and a decrease in popularity since the Thodex incident, it remains a stark reminder of the challenges and risks associated with the digital currency world.

Source: Channels Television

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