The founder of crypto exchange Thodex has been sentenced to 11,196 years in prison.
The estimated losses from the crash of the exchange are believed to be around US$2 billion.
“I wouldn’t have acted so amateurishly if this were a criminal organization,” said Faruk Fatih Ozer who appeared unrepentant.
The founder of crypto exchange Thodex, Faruk Fatih Ozer, has been sentenced to 11,196 years in prison by a Turkish court for fraud. The Turkish crypto exchange crashed in 2021 causing several investors to lose millions.
Ozer had gone into hiding after this monumental crash and fled to Albania. However, he was later caught by Interpol and extradited to Turkey. At the time of the verdict, Ozer was already in prison for tax fraud and had been under custody since July of this year.
Ozer and two of his siblings were found guilty by the Turkish government of aggravated fraud, leading a criminal organization, and money laundering. Several other senior members of the exchange also received prison terms, depending on their involvement. Apart from the jail sentences, a fine of US$5 million was also imposed on the culprits.
Following the Thodex crash, investors …
The post 11,000-Year Prison Sentence for Founder of Collapsed Turkish Crypto Exchange appeared first on Coin Edition.