Prosecutor Requests 40,000 Years in Prison for Thodex CEO

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The CEO of crypto exchange Thodex, Faruk Fatih Ozer, as well as 20 others accused of an exit scam in Turkey, face a prison sentence of 40,564 years each, Bloomberg has learned.

The defendants were accused of creating a criminal organization, fraud and money laundering.

On April 22, 2021, Istanbul-based Thodex stopped trading for several days, ostensibly due to the transfer of the company to a “new partner.” More than 390,000 Thodex users were affected by the move, according to media reports.

Shortly before that, the CEO of the platform flew to Albania. The Ministry of Justice of the country put the founder of Thodex on the wanted list and demanded his extradition.

Turkish prosecutors have issued arrest warrants for 78 people associated with the platform as part of an investigation into an alleged exit scam by exchange. 62 of them were detained during the first days of the operation.

The indictment says the damage from the activities of the exchange amounted to 356 million Turkish liras or about $24 million.

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