Runaway Turkish crypto CEO may face 40,000-year jail sentence
- Turkish lawyers are asking for 40,000-year jail sentences for each one of the 21 officials involved in the
Thodexcrypto exchange fraud case.
- The crypto exchange shut down a year ago and its CEO has been on the run ever since, accused of making off with at least $24 million.
Thodex CEO, Faruk Fatih Ozer, and his accomplices have been charged with creating a criminal organisation, fraud and money laundering.
He was last seen at the
The Turkish prosecutor in charge of the case has asked for jail sentences as long as 40,564 years for each of the 21 officials involved in the Thodex fraud. The stakeholders of Thodex have been charged with creating a criminal organisation, fraud and money laundering according to local publication Demiroren News Agency.
If the court backs the prosecutor's plea, Thodex team members will be behind bars for the rest of their remaining lives.
The runaway crypto exchange CEO
Thodex rose in popularity during the crypto hype of 2020 with investors looking for safe haven investments amidst inflation concerns around the national fiat currency, the Turkish Lira. The exchange, which had around 400,000 investors, went offline without any notice in April last year.
At the time of Ozer’s escape, his lawyer said that the CEO fled Turkey because he was afraid that he would either be arrested or commit suicide.
From today on, my sole aim is to repay my debt to you. The day I repay all my debt, I will return to my country and give myself in to justice.
Thodex was reportedly facing a liquidity problem. With many people demanding their money back, there weren’t enough funds on hand to meet that requirement.
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