Sunday, 10 September 2023 04:43

Founder of a failed crypto exchange sentenced to 11,000 years in prison

Rate this item
(0 votes)
  • A Turkish court sentenced Faruk Fatih Ozer, the founder of failed crypto exchange Thodex, to 11,196 years in prison.
  • Ozer and his two siblings received similar jail times on Thursday, Bloomberg reported. The court found them guilty of fraud and other charges.
  • Ozer dropped out of high school and had founded Thodex in 2017.

A Turkish court on Thursday found Faruk Fatih Ozer, the high-school dropout founder of failed cryptocurrency exchange Thodex, guilty of on multiple charges including leading a criminal organization, aggravated fraud, and money laundering.

He was sentenced to 11,196 years in prison, according to a Bloombergreport.

Ozer had founded his company in 2017 and it became one of Turkey's largest crypto exchanges. In April 2021, the firm announced that it wasn't able to continue operations, and Ozer fled to Albania. At the time, he did promise to repay investors, and then return to Turkey after he had done so. 

Earlier this year, he was extradited to Turkey after an extended legal battle.

His two siblings received similar sentences on Thursday, and were found guilty of the same three charges, per Bloomberg.

"I am smart enough to lead any institution on Earth," Ozer said in court, the state-run Anadolu Agency reported him as saying. "That is evident in this company I established at the age of 22. I wouldn't have acted so amateurishly if this were a criminal organization."

Prosecutors estimate that the fall of Thodex resulted in about $13 million in investor losses, though the actual amount remains unknown. Turkish media have reported those losses being as high as $2 billion. 

The sentencing comes as another high-profile crypto mogul awaits trial. Sam Bankman-Fried, the founder of FTX and Alameda Research, will head to court next month. Bankman-Fried's crypto exchange imploded in November 2022, sparking a chain reaction of bankruptcies and blow-ups that led many in the sector to name it crypto's "Lehman moment."

Now, Bankman-Fried reportedly wants to pay seven expert witnesses up to $1,200 an hour to testify on his behalf. Separately, his attorney has alleged that the disgraced mogul does not have access to Adderall medication in prison, and that he is surviving off a diet of bread, water, and peanut butter.


Business Insider

December 08, 2023

P&G, others’ exit from Nigeria paves way for ‘investors partnering with politicians’ - Atedo Peterside

Atedo Peterside, president and founder, Anap Foundation and Anap Jets, said investors who cherish the…
December 04, 2023

Nigeria’s electoral system so corrupt that ‘it's impossible for honest people to contest polls’ -…

Babangida Aliyu, a former governor of Niger state, says Nigeria’s corrupt electoral system has made…
December 08, 2023

3 things Taylor Swift just said as 'Person of the Year' that every leader should learn

On Wednesday, Time Magazine named Taylor Swift its Person of the Year, because, well, of…
December 02, 2023

Man suffering from headaches for 5 months discovers chopsticks stuck in his skull

A Vietnamese man who had been suffering from severe headaches and even loss of vision…
December 07, 2023

Gunmen waylay Kogi Election Tribunal officials, cart away petition documents

Kogi State Police Command yesterday confirmed that gunmen attacked the secretary of the state governorship…
December 08, 2023

Son of Israeli war cabinet minister killed in Gaza, IDF says

Master Sgt. (Res.) Gal Meir Eisenkot, 25, a combat soldier in the 551st reserve commando…
December 04, 2023

Google AI unveils Translatotron 3: A breakthrough in real-time speech translation

Researchers from Google AI have unveiled Translatotron 3, an innovative AI model that revolutionizes speech-to-speech…
November 20, 2023

Lackluster Nigeria held to 1-1 draw by Zimbabwe in World Cup qualifiers

Nigeria continued their stumbling start to the African 2026 World Cup qualifying campaign on Sunday…
Nothing to show. You must configure the data source of the widget.

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Yomi Lawal: Director/Editorial Adviser; Prof Wale Are Olaitan: Editorial Consultant; Helen Aidenojie: Advert Manager; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager; Contact us: [email protected] Tel/WhatsApp: +234 811 395 4049
Copyright © 2015 - 2023 NewsScroll. All rights reserved.