HomeThe CEO of the thoudex exchange was sentenced to 11 196 years...

The CEO of the thoudex exchange was sentenced to 11 196 years in prison. He caused up to 5 billion dollars in damage and he disappeared Arogeda and was a miscellaneous player

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Faruk Fatih Ozer, founder and CEO of the defunct cryptocurrency exchange Thodex, has been sentenced to 11 196 years in prison in Istanbul. He was found guilty of aggravated fraud, money laundering and organised criminal activity. His older sister Serap and their younger brother Guven got the same prison sentence.

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When the lira rose to Turkey in 2017, Thodex was founded in 2017 and prospered. Residents of the country saw cryptocurrency as a safe option for storing money. Ozer became a financial celebrity in Turkey. Thodex collapsed in April 2021, Ozer claimed the funds were safe for the investors and went into hiding.

The Turkish police immediately arrested dozens of employees of Thodex and confiscated them’s computers. Since the year 2021, Thodex moved a million dollars worth of Bitcoin to the American famous crypto exchange Kraken. Interpol found Ozera in Albania and got extradited.

The criminal behaved frightenedly during the trial: I’m smart enough to control any institution on Earth. That company I created when I was twenty-two. If this was a crime, I wouldn’t behave so stupidly.

The total amount of money lost by Thodex is not known. The prosecution discovered 356 million liras (43 million dollars in 2021) in court, and the cost of those losses was estimated at $2 billion. A paper that estimates the value of the coin exchange lost in Thodex at 2,5 billion dollars; therefore, the total value of a penny withdrawal in 2021 can be attributed to one fraudulent centralized exchange, Thodex, whose CEO hid for the time that the exchange stopped users withdrawing money.

Since Turkey abolished the death penalty in 2004, long prison sentences became common in Turkey. The crime family was lucky. prosecutors demanded a sentence of 40 562. Ozer is able to release soon in 5000-6000 years with strong behavior.

FTX chief Sam Bankman-Fried goes to the jail for witnessing the stifling of a witness.

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