Faruk Fatih Ozer, the founder of the now-defunct cryptocurrency exchange Thodex, faced judgment in a Turkish court on Thursday. He was found guilty of multiple charges, including leading a criminal organization, aggravated fraud, and money laundering, resulting in a staggering prison sentence of 11,196 years, as reported by Bloomberg.
Ozer’s journey began in 2017 when he established Thodex, which rapidly grew to become one of Turkey’s largest cryptocurrency exchanges. However, in April 2021, the company announced its inability to continue operations, prompting Ozer to flee to Albania. At that time, he vowed to reimburse investors and return to Turkey once he had fulfilled this commitment.
Earlier this year, following an extended legal battle, Ozer was finally extradited to Turkey to face the charges against him. On Thursday, his two siblings received similar sentences, having been found guilty of the same three charges.
In court, Ozer boldly asserted, “I am smart enough to lead any institution on Earth.” He cited his successful establishment of the company at the age of 22 as evidence of his capabilities. “I wouldn’t have acted so amateurishly if this were a criminal organization,” he declared.
Prosecutors have estimated that the collapse of Thodex resulted in approximately $13 million in investor losses, although the exact amount remains uncertain. Some reports in the Turkish media have suggested that losses could be as high as $2 billion.
This sentencing coincides with the anticipation of another high-profile crypto mogul’s trial. Sam Bankman-Fried, the founder of FTX and Alameda Research, is set to face court proceedings next month. The implosion of Bankman-Fried’s crypto exchange in November 2022 triggered a series of bankruptcies and crises, earning it the moniker of crypto’s “Lehman moment” within the sector.
In preparation for his trial, Bankman-Fried is reportedly seeking to retain seven expert witnesses, offering to pay them up to $1,200 an hour for their testimony in his defense. Additionally, his legal team has claimed that he lacks access to Adderall medication in prison, subsisting on a diet of bread, water, and peanut butter.
