Turkish Cryptocurrency Boss Earns 11,196 Years in Prison
A Turkish cryptocurrency executive, Faruk Fatih Ozer, along with his two siblings, has been sentenced to an astonishing 11,196 years in prison each for their involvement in defrauding investors of millions of dollars, Excel Magazine International has gathered.
Ozer, aged 29, according to reports, fled to Albania in 2021, absconding with investor assets after his Thodex cryptocurrency exchange abruptly collapsed.
In June, he was extradited back to Turkey, where he faced charges including money laundering, fraud, and organized crime.
During the trial, Ozer argued that his actions were not criminal, claiming he wouldn’t have acted so recklessly.
He was quoted by the Anadolu agency as saying, “I am smart enough to lead any institution on Earth,” highlighting his achievements, including founding the company at the age of 22. The trial in Istanbul also found his sister, Serap, and brother, Guven, guilty of the same charges.
Recall that Turkey has imposed such extraordinary prison sentences since abolishing the death penalty in 2004, a move aimed at aligning with European Union standards.
In a similar case, Adnan Oktar, a cult preacher known for his TV presence, was sentenced to 8,658 years in prison in 2022 for a combination of fraud and sex crimes, with ten of his followers receiving identical sentences.
Prosecutors initially sought a staggering 40,562-year prison term for Ozer, as reported by AFP.
The backdrop to this surge in cryptocurrency usage in Turkey was a prolonged decline in the value of the lira, spanning over two years.
Thodex, established in 2017, was among the nation’s largest cryptocurrency exchanges.
Ozer had gained national prominence as a financial prodigy and had cultivated ties with influential pro-government figures.
However, the sudden collapse of the Thodex platform in April 2021 resulted in the disappearance of investor assets, leading Ozer to go into hiding. He was eventually arrested in Albania on an international Interpol warrant and extradited to Turkey following a protracted legal process.
While initial reports suggested Ozer had fled with assets totaling $2 billion (£1.6 billion), the prosecutor’s indictment estimates the losses incurred by Thodex investors at 356 million liras. This amount, due to rampant inflation and the lira’s depreciation in international markets, now stands at approximately $13 million.
