A dramatic conclusion was reached in the case of Thodex cryptocurrency exchange founder Faruk Fatih Ozer, as he and his two brothers were sentenced to a staggering 11,196 years in prison each.
This landmark judgment was reported by the Anadolu state news agency on Friday, sending shockwaves throughout the Turkish cryptocurrency community and the nation at large.
Prosecutors had sought a whopping 40,562-year sentence for the 29-year-old Thodex boss, Faruk Fatih Ozer, on charges including money laundering, fraud, and establishing a criminal organization. However, the court opted for a significantly shorter but still astounding sentence.
During the trial, Ozer was quoted by Anadolu as saying, “If I were to establish a criminal organization, I would not have acted so amateurishly,” as he defended himself against the allegations.
The ruling, issued late Thursday after a brief trial, also handed down the same 11,196-year sentence to Ozer’s two brothers, Serap and Guven, according to Turkish media reports.
Turkey has a reputation for imposing massive prison sentences, a practice that has become more prevalent since the country abolished the death penalty in 2004 as part of its efforts to join the European Union.
Ozer’s dramatic downfall began when he was initially reported to have fled Turkey in April 2021, allegedly absconding with a staggering $2 billion in investor assets. However, it’s worth noting that the exact amount has been disputed.
Prosecutors in the case alleged that Ozer had transferred a substantial sum of 250 million Turkish liras in user assets (equivalent to approximately $30 million at the time) to three undisclosed accounts before fleeing Turkey in April 2021, with a significant portion of the funds eventually finding their way into a Maltese bank.
According to the indictment, the Ozer brothers were collectively responsible for causing 356 million Turkish liras in damages to clients.
This high-profile case garnered extensive local media attention, coinciding with a Turkish crypto boom that has since subsided due to increased government regulation. Turks had increasingly turned to various cryptocurrencies as a safeguard against the deep depreciation of the Turkish lira, which had been ongoing for more than two years.
Faruk Fatih Ozer also gained notoriety for his association with ultranationalist pro-government figures, which further fueled the media’s fascination with the case. He was apprehended in Albania last year, following an international arrest warrant issued by Interpol.
The sentencing of the Ozer brothers marks a significant chapter in Turkey’s efforts to regulate its cryptocurrency market and serves as a stern warning to those involved in illicit activities within the crypto sector.
