Thodex Crypto Exchange Founder Sentenced to 11,169 Years in Turkish Jail

Updated: 08 September 2023

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The founder and CEO of the failed Turkish cryptocurrency exchange Thodex, has been sentenced to 11,196 years in prison.

Faruk Fatih Ozer was charged with aggravated fraud, leading a criminal organization, and money laundering, according to local media reports. He professed his innocence during the trial, claiming that he and his family were unjustly targeted.

Once a leading crypto platform in Turkey, Thodex collapsed in 2021. Ozer fled the country, leaving the exchange with estimated losses of more than $2 billion. He was arrested in Albania in August last year and extradited to Turkey in April.

Ozer remained unrepentant, and dismissed the charge that he led a criminal organization.

“I am smart enough to manage all institutions in the world,” he said. “This is evident from the company I founded at the age of 22. If I were to establish a criminal organization, I would not act so amateurishly. Thodex was just a company and went bankrupt.”

Founder of Thodex, Faruk Fatih Özer, is arraigned in Albanian Court.

The trial involved a total of 21 defendants, facing the possibility of a combined 40,564 years in prison, local reports said. Sixteen of the defendants were acquitted, four of seven individuals initially detained were released due to a lack of evidence, while the remaining defendants received various prison sentences.

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