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News - 11,000 years in prison: Turkish crypto-CEO behind bars.
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11-09-20232 min read
11,000 years in prison: Turkish crypto-CEO behind bars.
Thodex was the largest crypto-exchange in Turkey. Until its founder disappeared without a trace - taking all the platform's money with him.
Faruk Özer, founder and CEO of what was once the largest crypto exchange in Turkey, was sentenced to 11.196 years in prison along with his sister Serap Özer and brother Güven Özer. They were also fined 135 million lira (about $5 million). This was reported by local media.
About a year ago, the Turkish Interior Ministry announced that Özer was in Albania "apprehended and that his identity had been confirmed through biometric data (fingerprints)". Interpol then arranged for the extradition of the 29-year-old to Turkey.
Most of the total taken in 2021 rug pulls can be attributed to Thodex, a centralized exchange that disappeared with $2.6B worth of user funds. But on an individual basis, most rug pulls took place in the DeFi ecosystem. https://t.co/c1HyRMpsjy pic.twitter.com/QKTJR30uzd
— Chainalysis (@chainalysis) February 16, 2022
The founder of Thodex faces charges including money laundering, fraud and setting up a criminal organization. In 2021, Thodex had about 400,000 users before the website was suddenly taken offline due to alleged cyber attacks. At that point, Özer allegedly disappeared - and with him more than $2 billion in customer funds.
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