Faruk Özer, founder of the once-prominent Turkish crypto exchange Thodex, bags a staggering 11,196 years in jail, along with his siblings. He also gets to pay 135 million Turkish liras (about $5 million) in fines. The dramatic collapse of Thodex in April 2021 left 400,000 users unable to access an estimated $2 billion in funds.
Thodex Shutdown Sparks International Manhunt
Following the abrupt closure of the exchange, Özer fled to Albania, sparking an international manhunt.
He was subsequently apprehended in August 2022 and extradited to Turkey. The investigation into the collapse implicated Özer’s siblings and an additional 83 individuals, all of whom have received various prison sentences for their involvement in the scandal.
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A former Thidex user had this to say:
“Our lives have been turned upside down by this disaster. No one could have imagined such a betrayal by Özer and the team at Thodex. Many of us here in Turkey are still suffering from the huge financial losses.” The user went ahead to say, “Though this sentence doesn’t bring back our savings, it does offer a small sense of justice.”
The length of the sentence ensures that this precedent-setting case will serve as a cautionary tale within the industry.
As more users globally adopt cryptocurrencies, governments, and regulatory agencies worldwide will continue to observe the outcome of cases like Thodex to inform their own legal and regulatory frameworks.
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions
