Thodex Founder Sentenced to Over 11,000 Years for Crypto Exchange Collapse

A Turkish court sentenced Faruk Fatih Ozer, founder of failed crypto exchange Thodex, to over 11,000 years in prison for fraud and other charges.
Ozer founded Thodex in 2017 after dropping out of high school. It became one of Turkey's largest exchanges.
In April 2021, Thodex halted operations and Ozer fled to Albania, promising to repay investors. He was later extradited.
Prosecutors estimate Thodex's collapse resulted in around $13 million in investor losses, possibly up to $2 billion.
The sentencing comes as FTX founder Sam Bankman-Fried awaits trial in the US for his exchange's collapse, considered crypto's "Lehman moment."

businessinsider.com

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Posted 9/8/2023, 3:11:00 PM

Thodex Founder Sentenced to Over 11,000 Years for Crypto Exchange Collapse

A Turkish court sentenced Faruk Fatih Ozer, founder of failed crypto exchange Thodex, to over 11,000 years in prison for fraud and other charges.
Ozer founded Thodex in 2017 after dropping out of high school. It became one of Turkey's largest exchanges.
In April 2021, Thodex halted operations and Ozer fled to Albania, promising to repay investors. He was later extradited.
Prosecutors estimate Thodex's collapse resulted in around $13 million in investor losses, possibly up to $2 billion.
The sentencing comes as FTX founder Sam Bankman-Fried awaits trial in the US for his exchange's collapse, considered crypto's "Lehman moment."

businessinsider.com

Relevant topic timeline:

9/8/2023

Turkish Crypto Exchange Boss Sentenced to Over 11,000 Years for $2 Billion Fraud

9/12/2023

Judge denies Sam Bankman-Fried bail request, citing lack of specifics on evidence access issues ahead of FTX fraud trial

9/12/2023

OneCoin co-founder gets 20 years for $4B cryptocurrency scam tied to fugitive 'Cryptoqueen'

Co-founder of fraudulent cryptocurrency OneCoin, Sebastian Karl Greenwood, has been sentenced to 20 years in a US prison for his involvement in scamming over $4 billion from investors.

9/18/2023

'Cryptoqueen' Remains at Large After $4 Billion OneCoin Cryptocurrency Scam and Partner's 20-Year Sentence

10/4/2023

FTX Founder Sam Bankman-Fried Faces Fraud Charges as Cryptocurrency Trial Begins

10/6/2023

FTX Founder Faces Fraud Charges as Crypto World Distances Itself from Scandals