{"id":437552,"date":"2023-09-08T17:39:02","date_gmt":"2023-09-08T17:39:02","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=437552"},"modified":"2023-09-08T22:11:22","modified_gmt":"2023-09-08T22:11:22","slug":"thodex-crypto-exchange-founder-sentenced-to-11169-years-in-turkish-jail","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/thodex-crypto-exchange-founder-sentenced-to-11169-years-in-turkish-jail","title":{"rendered":"Thodex Crypto Exchange Founder Sentenced to 11,169 Years in Turkish Jail"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The founder and CEO of the failed Turkish cryptocurrency exchange Thodex, has been sentenced to 11,196 years in prison.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Faruk Fatih Ozer was charged with aggravated fraud, leading a criminal organization, and money laundering, according to <\/span><a href=\"https:\/\/www.ntv.com.tr\/turkiye\/thodex-davasinda-karar-cikti-faruk-fatih-ozere-rekor-ceza,J5Y7EqUTAkKOyZi_tSVEoA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">local media reports<\/span><\/a><span style=\"font-weight: 400\">. He professed his innocence during the trial, claiming that he and his family were unjustly targeted.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/thodexs-ceo-arrested\"><span style=\"font-weight: 400\">arrested in Albania<\/span><\/a><span style=\"font-weight: 400\"> in August last year and extradited to Turkey in April.&nbsp;<\/span><\/p>\n<p>Ozer remained unrepentant, and dismissed the charge that he led a criminal organization.<\/p>\n<p><span style=\"font-weight: 400\">&ldquo;I am smart enough to manage all institutions in the world,&rdquo; he said. &ldquo;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. <\/span><span style=\"font-weight: 400\">Thodex was just a company and went bankrupt.&rdquo;<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-437573\" style=\"font-weight: bold;background-color: var(--bs-body-bg);color: var(--bs-body-color);font-family: var(--bs-body-font-family);font-size: var(--bs-body-font-size);text-align: var(--bs-body-text-align)\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/ozer-albania-300x169.jpeg\" alt=\"Founder of the Thodex platform, Faruk Fatih &Ouml;zer, is arraigned in Albanian Court\" width=\"822\" height=\"463\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/ozer-albania-300x169.jpeg 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/ozer-albania-768x432.jpeg 768w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/ozer-albania-269x153.jpeg 269w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/09\/ozer-albania.jpeg 864w\" sizes=\"(max-width: 822px) 100vw, 822px\"><\/p>\n<p>Founder of Thodex, Faruk Fatih &Ouml;zer, is arraigned in Albanian Court.<\/p>\n<p><span style=\"font-weight: 400\">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. <\/span><\/p>\n<p><b>Related Articles<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-bitcoin\"><span style=\"font-weight: 400\">How to Buy Bitcoin<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/former-ftx-executive-ryan-salame-may-forfeit-1-5-billion-after-guilty-plea\"><span style=\"font-weight: 400\">Former FTX Executive Ryan Salame May Forfeit $1.5 Billion After Guilty Plea<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/jpmorgan-explores-blockchain-based-deposit-tokens\"><span style=\"font-weight: 400\">JPMorgan Explores Blockchain-Based Deposit Tokens&nbsp;<\/span><\/a><\/li>\n<\/ul>\n                                        <div 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href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1942,"featured_media":437554,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-437552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Thodex Crypto Exchange Founder Sentenced to 11,169 Years in Turkish Jail<\/title>\n<meta name=\"description\" content=\"Faruk Fatih \u00d6zer, the founder and CEO of the Turkish cryptocurrency exchange Thodex, has been sentenced to 11,196 years in prison.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, 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