Crypto Updates

CEO of Collapsed Turkish Crypto Exchange Gets 11,196 Years in Prison

indictment, crime, fraud

A court in Turkey has sentenced Faruk Fatih Özer, the founder of the collapsed Turkish crypto exchange Thodex, his sister Serap Özer, and his brother Güven Özer to 11,196 years, ten months and 15 days in prison, according to Coindesk. Further, they are also facing a judicial penalty of 135 million liras (about $5 million).

It was part of an extensive trial of 21 defendants facing up to 40,564 years in prison. On its verdict on Thursday, the Anatolian 9th Heavy Penal Court acquitted 16 defendants and released another four due to lack of evidence. The rest faced varying sentencing depending on the charges against them.

Thodex was the largest cryptocurrency exchange in Turkey. The exchange

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