Thodex Founder Sentenced to 11,196 Years for $2B Crypto Theft
A Turkish court has sentenced Faruk Fatih Özer, founder of collapsed crypto exchange Thodex, to over 11,000 years in prison for perpetrating a $2 billion Bitcoin theft that left 400,000 users out of pocket.
Özer’s sister and brother also received lengthy sentences, alongside stiff monetary penalties. The hefty punishment is for their involvement in the 2021 scheme. Thodex mysteriously halted operations that year before Özer fled Turkey with billions in client funds.
Also read: Bitcoin: Two Years Ago Today, El Salvador Adopted BTC As Legal Tender
JUST IN:
— Watcher.Guru (@WatcherGuru) September 8, 2023Turkish crypto exchange CEO sentenced to 11,196 years in prison for stealing $2 billion in customer funds. pic.twitter.com/5sAnLtRd2l
He was eventually arrested in Albania in 2022 and extradited back to Turkey to face charges including fraud, establishment of a criminal organization, and money laundering.
ThodeX CEO receives a hefty punishment
The lengthy prison sentence and multi-million-dollar fine handed down exemplify authorities’ harsh crackdown on what was Turkey’s largest crypto exchange before its sudden crash.
While Özer and his relatives saw heavy punishment, most former Thodex employees were acquitted or released for lack of evidence. In total, 21 defendants faced up to 40,000 years behind bars at one point.
Also read: Tesla’s Surprise Collaboration with McDonald’s Unveils “Cyber Spoons” in China
The verdicts provide long-awaited closure for Thodex users who lost access to substantial crypto deposits. But justice comes late after many saw their life savings disappear in the collapse.
Read More
Alabama Drops Enforcement Action Case Against Coinbase
Bitcoin ETF Inflows Jump 146% Amid 3-Day Streak: Is Bull Market Nearing?
Thodex Founder Sentenced to 11,196 Years for $2B Crypto Theft
A Turkish court has sentenced Faruk Fatih Özer, founder of collapsed crypto exchange Thodex, to over 11,000 years in prison for perpetrating a $2 billion Bitcoin theft that left 400,000 users out of pocket.
Özer’s sister and brother also received lengthy sentences, alongside stiff monetary penalties. The hefty punishment is for their involvement in the 2021 scheme. Thodex mysteriously halted operations that year before Özer fled Turkey with billions in client funds.
Also read: Bitcoin: Two Years Ago Today, El Salvador Adopted BTC As Legal Tender
JUST IN:
— Watcher.Guru (@WatcherGuru) September 8, 2023
He was eventually arrested in Albania in 2022 and extradited back to Turkey to face charges including fraud, establishment of a criminal organization, and money laundering.
ThodeX CEO receives a hefty punishment
The lengthy prison sentence and multi-million-dollar fine handed down exemplify authorities’ harsh crackdown on what was Turkey’s largest crypto exchange before its sudden crash.
While Özer and his relatives saw heavy punishment, most former Thodex employees were acquitted or released for lack of evidence. In total, 21 defendants faced up to 40,000 years behind bars at one point.
Also read: Tesla’s Surprise Collaboration with McDonald’s Unveils “Cyber Spoons” in China
The verdicts provide long-awaited closure for Thodex users who lost access to substantial crypto deposits. But justice comes late after many saw their life savings disappear in the collapse.
Read More
Alabama Drops Enforcement Action Case Against Coinbase