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In what would be the most severe jail sentence of all time, a Turkish prosecutor wants to imprison 21 executives of the now-defunct crypto exchange Thodex for up to 40,564 years, Bloomberg reported on March 31, citing reports from local media. In April 2021, one of the then-popular crypto exchanges Thodex said its platform is […]
A year after the Thodex cryptocurrency exchange went bankrupt, Turkish prosecutors are now seeking at least a 40,000 year-jail term for Faruk Fatih Ozer- the CEO of the trading platform reported to have fled with at least $28 million of trader’s funds. (Read More)
Members of the team of the now defunct Turkish crypto exchange Thodex may receive thousands of years in prison, if the court backs the prosecutor’s plea in the case. The trading platform’s CEO has been missing for the past year since Thodex suspended activities in a suspected exit scam. Turkey Seeks up to 40,000 Years […]
Turkish prosecutors are asking courts to jail suspected crypto scammers in the country for thousands of years, per available information.
The post Turkey wants crypto scammer jailed for life appeared first on CryptoSlate.
A Turkish court has sentenced Faruk Fatih Özer, the founder of the collapsed cryptocurrency exchange Thodex, to an effective seven months and 15 days in prison. During the trial, Özer denied being an executive of the crypto exchange when the platform allegedly failed to furnish the Tax Inspection Board with the documents requested. Appointment of [...]
The post Turkish Court Sentences Founder of Defunct Crypto Exchange Thodex to More Than 7 Months in Prison appeared first on Crypto Breaking News.
Farouk Fatih Özer, the former CEO of the now-defunct crypto exchange Thodex, has been sentenced to seven months in jail. The executive was convicted for failing to submit the required documents to Turkey’s tax board. Related Reading: This Under-The-Radar Coin Just Beat The Top 100 Cryptocurrencies With 120% Explosion Thodex, which was once a prominent crypto exchange in Turkey, experienced an abrupt closure, leading its CEO, Farouk Fatih Özer, to flee to Albania. However, after an Interpol Red Notice was issued, Özer was deported back to Turkey to be held accountable for the approximately $2 billion worth of cryptocurrencies belonging to investors. Özer, along with 21 other defendants, is embroiled in a protracted court case facing charges of alleged fraud, money laundering, and operating a criminal network through Thodex. Throughout the trial, Özer vehemently denied any wrongdoing and asserted that he was not the official representative of Thodex at the time, which made him unable to produce the requested books. Former CEO Of Thodex Claims To Have Been “Framed” In addition to the aforementioned charges, Özer is also facing accusations of defrauding Thodex investors and is currently awaiting a hearing to address these claims. Despite the allegations, the entrepreneur maintains his innocence and asserts that the defendants have framed him. During Özer’s first court appearance in June, he denied all charges and claimed to have been framed. He stated, “I started my company and my company was hacked,” addressing the court. The legal proceedings against Özer commenced after his failure to adhere to a notification issued on October 30, 2021. The notification requested the submission of documents pertaining to his business. Despite the notification, Özer did not provide the best requested documents within the designated legal timeframe. Özer’s claim that a trustee had been assigned to oversee the company in his absence, he was unable to produce the required documents to the Tax Inspection Board. As a result, he was convicted. Initially, the prosecutor in Özer’s case requested a five-year prison sentence on charges of “smuggling” under the Tax Procedure Law. However, the court initially sentenced the crypto entrepreneur to one year and six months of imprisonment. It was subsequently reduced to seven months and 15 days. The reduction in sentences can be attributed to various factors. These included Özer’s social relations, as well as his overall behaviour and conduct throughout the trial. Related Reading: Litecoin Whales Deposit Big To Exchanges, Bearish Sign? In April 2021, the defunct cryptocurrency exchange platform abruptly halted trading and withdrawal services. This left approximately 391,000 customers with losses amounting to around $2 billion. Following this incident, Turkish police authorities initiated a large-scale investigation into the platform. Featured image from Gearrice, chart from TradingView.com
Faruk Fatih Özer, the runaway Founder of the defunct Turkish cryptocurrency exchange Thodex who was extradited to Turkey earlier in April, has been sentenced to seven months and 15 days in prison. Local outlet Hürriyet Daily News reported today (Tuesday) that the former Thordex CEO received the sentence for failing to submit certain documents demanded by the Turkish Tax Inspection Board.
Turkish Court Slams Jail Term on Thodex ex-CEO
On October 30, 2021, the Board issued a notification to Özer to submit certain documents related to his business. However, the crypto entrepreneur failed to hand the documents over.
During a hearing on the case at the Anatolian 17th Criminal Court of First Instance, the Thodex Founder claimed that he was not in possession of the requested books when the notice was issued as the exchange was run by a trustee during the period. As a result, he argued, he was not a company official at the time.
Meanwhile, prosecutors in the case accused Özer of ‘smuggling’ under the Turkish Tax Procedure Law, according to Hürriyet. While they initially sought a prison term of up to five years, the court settled for a year and six months before finally deciding on seven months and 15 days. The reduction was hinged on Özer’s social relations and conduct during the trial, the outlet reported.
On top of this, the court opted to defer the enforcement of the sentence. However, Özer continues to face allegations that he defrauded the investors of Thodex.
Thodex Founder Denies Wrongdoing
The defunct cryptocurrency exchange platform halted trading and withdrawal in April 2021 and subsequently went silent, causing about $2 billion in loss to nearly 391,000 customers. Turkish police authorities later launched a large-scale investigation into the platform.
After Thodex went dark, Özer fled Turkey but was later arrested in Albania in August last year, following a red notice issued by the International Police.
Turkish prosecutors have accused Özer and other Thodex executives of establishing a criminal organization, engaging in fraud through informatics systems and laundering proceeds from criminal activities. They are also seeking jail sentences of up to 40,564 years against 21 of the exchange’s founders and executives, Finance Magnates reported.
However, Özer has denied any wrongdoings and claims that he is being framed. The Thodex Founder made his first defence against the charges during a hearing held earlier on June 12, according to the local media outlet.
Turkey remains one of the top jurisdictions across the world with strong demand and interest in digital assets. The transcontinental country ranks 12th on blockchain-based data company, Chainalysis' 2022 Global Crypto Adoption Index Top 20.
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This article was written by Solomon Oladipupo at www.financemagnates.com.Faruk Fatih Özer, the former CEO and founder of Crypto Thodex, was sentenced to a prison term of seven months and 15 days in Turkey for his failure to provide requested documents during the trial. Özer, who had been detained in Turkey three months prior, initially denied being associated with Thodex during the specified period, […]
The founder of failed cryptocurrency exchange Thodex has denied all fraud-related allegations in a Turkish court. The crypto entrepreneur was handed over to Turkey by Albanian authorities earlier this year to face charges for his leading role in running the now defunct platform. Alleged Crypto Fraudster Faruk Ozer Claims He Was Framed in Thodex Case [...]
The post Crypto Exchange Thodex Founder Denies Fraud Charges in Turkey appeared first on Crypto Breaking News.
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