Turkish Crypto Founder, Brothers Get 11,196-Year Prison Sentences

Thodex Founder Faces Lengthy Jail Term for Money Laundering and Fraud

A former Turkish cryptocurrency founder who fled to Albania, along with his two brothers, has been sentenced to a staggering 11,196 years in prison each.

Faruk Fatih Ozer, the former boss of Thodex, faced charges of money laundering, fraud, and establishing a criminal organization, which prompted prosecutors to initially request a 40,562-year prison sentence.

Ozer’s two brothers, Serap and Guven, received the same sentence following a brief trial. The verdict was delivered late Thursday, according to Turkish media reports.

Ozer was originally reported to have fled Turkey in April 2021, allegedly absconding with approximately $2 billion in investor assets, although this figure has been disputed.

Prosecutors alleged that Ozer moved 250 million liras in user assets (equivalent to around $30 million at the time) into three secret accounts when he fled Turkey in April 2021, with a significant portion of the funds ending up in a Maltese bank. The indictment claimed that the Ozer brothers caused 356 million liras in damages to clients.

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The case drew significant attention locally, coinciding with a cryptocurrency boom in Turkey that has since waned due to increased government regulation. Many Turks turned to various cryptocurrencies as a means of protecting themselves against the significant depreciation of the Turkish lira, which began over two years ago.

Ozer further raised his profile by meeting with ultranationalist pro-government figures, adding intrigue to his story.

He was subsequently arrested in Albania in response to an international arrest warrant issued by Interpol.