The ex-head of the Turkish Thodex exchange received 11,196 years in prison

The former head of the Turkish crypto exchange Thodex, Faruk Fatih Ozer, was sentenced to 11,196 years, 10 months and 15 days in prison. His sister Serap Ozer and brother Güven Ozer received the same sentence, local media write.

In addition, Faruk Fatih Ozer is required to pay a fine of 135 million liras (about $5 million at the time of writing). Another 16 accused of “skilled fraud” were acquitted due to lack of evidence.

Previously, Thodex was one of the largest cryptocurrency exchanges in Turkey. However, in March 2021, it froze the withdrawal of funds without explanation. As a result, more than 400,000 clients were unable to access $2 billion in assets.

Thodex's collapse caused a stir in Turkey. According to media reports, the cryptocurrency stored on the exchange was used as insurance against inflation and a sharp devaluation of the lira.

Subsequently, Faruk Ozer fled to Albania, but in August 2022, local police arrested the former head of the scandalous crypto exchange. He was deported to Turkey, where the trial began.

In June 2023, Ozer said that he had been framed. At that time, he did not admit guilt on any of the counts. In July, the creator of Thodex was sentenced to seven months in prison.