FX.co ★ CEO of failed crypto exchange sentenced to 11,000 years in prison

Faruk Fatih Ozer, the founder of the failed Turkish cryptocurrency exchange Thodex, was sentenced to 11,196 years in prison on charges including establishing a criminal organization, aggravated fraud, and money laundering. This is believed to be one of the longest prison sentences ever decreed in modern Turkey. His two siblings, who were also found guilty on the same charges, received similar sentences. Ozer founded Thodex in 2017, and it quickly became one of the largest crypto trading platforms in the country. In April 2021, the crypto exchange suddenly collapsed, declaring it was unable to continue operations. Shortly after, the founder fled from Turkey to Albania along with users’ assets totaling $2 billion in crypto. Earlier this year, he was extradited to Turkey and found guilty of money laundering, fraud, and organized crime. "I am smart enough to lead any institution on Earth," Ozer said in court. “I wouldn't have acted so amateurishly if this were a criminal organization," the Anadolu Agency quoted him as saying. Prosecutors estimate that the fall of Thodex resulted in about $13 million in investor losses, though the actual amount remains unknown. A report by Chainalysis, an American blockchain analytics firm, pegged the loss at an astonishing $2.6 billion.