{"id":550768,"date":"2023-09-11T20:00:11","date_gmt":"2023-09-11T20:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=550768"},"modified":"2024-06-12T09:30:23","modified_gmt":"2024-06-12T09:30:23","slug":"crypto-ceo-prison","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-ceo-prison\/","title":{"rendered":"Crypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft"},"content":{"rendered":"

Former CEO Faruk Fatih <\/span>\u00d6zer <\/span>of the bankrupt Turkish crypto exchange Thodex has been given a record-breaking prison sentence for stealing $2 billion in customer funds.<\/span><\/p>\n

Crypto CEO Sentenced To 11,196 Years Prison Sentence<\/span><\/h2>\n

On Thursday, September 7, 2023, the former CEO of Thodex, which was one of the biggest cryptocurrency exchanges in Turkey, was reportedly sentenced to 11,196 years, 10 months, and 15 days in prison for several criminal charges including fraud, leading a criminal organization, and money laundering by the Anatolian 9th Heavy Penal Court.<\/span><\/p>\n

Related Reading: Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium<\/a><\/div>\n

The former CEO reportedly defrauded over 400,000 Turkish customers of more than $2 billion in deposits when the exchange went offline in April 2021, and <\/span>\u00d6zer<\/span> fled the country immediately after the exchange went offline.<\/span><\/p>\n

The <\/span>prosecutors had initially requested a 40,562-year prison sentence<\/span><\/a> for the former crypto exchange CEO. However, the final verdict saw the sentence reduced to 11,196 years, the longest sentence so far for a crypto crime. Furthermore, a judicial fine of 135 million Liras was also imposed on the former CEO, according to <\/span>local media<\/span><\/a>.<\/span><\/p>\n

Faruk Fatih <\/span>\u00d6zer<\/span> was not the only one involved in the alleged crime. Following the investigation, 83 people were arrested and detained, and four other senior employees were jailed.<\/span><\/p>\n

When the case was thoroughly investigated, <\/span>\u00d6zer<\/span>‘s sister Serap <\/span>\u00d6zer,<\/span> and brother Guven <\/span>\u00d6zer,<\/span> were also found guilty of the same charges and were given the same prison sentence respectively.<\/span><\/p>\n

Although these jail terms may seem outrageous and unfamiliar to many, they are very common in Turkey due to the country\u2019s death sentence eradication since 2004. In 2022, TV cult preacher <\/span>Adnan Oktar<\/span><\/a> was convicted of fraud and sexual assault and was sentenced to 8,658 years in prison along with 10 of his followers.\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap collapses to $1 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Former Thodex Boss Denies Criminal Claims<\/span><\/h2>\n
The 29-year-old former crypto boss was <\/span>arrested in Albania in August 2022<\/span><\/a> where he was serving jail terms after fleeing Turkey in April 2021 when his crypto exchange first collapsed.\u00a0<\/span><\/p>\n
Before his arrest, <\/span>\u00d6zer<\/span> denied claims against him fleeing the country intentionally when the Thodex exchange went dark. His response to the allegations was that he was out of the country because of business meetings.\u00a0<\/span><\/p>\n
\u00d6zer <\/span>was arrested after Interpol issued a red notice against him, and was extradited back to Turkey in April 2023 to face the charges against him. <\/span>He<\/span> was then <\/span>detained by the police upon arrival and held on seven charges<\/span><\/a>.\u00a0<\/span><\/p>\n
Related Reading: Crypto Analyst Presents Bull Case For XRP Price To Hit $130, Here\u2019s When<\/a><\/div>\n
Some of the charges included establishing and managing an organization with the purpose of committing a crime, fraud by using information systems as a tool of banks or credit institutions, being a member of an organization, fraud of merchants or company executives and cooperative managers, and laundering the value of assets resulting from crime, among others.<\/span><\/p>\n
The court believed that <\/span>\u00d6zer<\/span> had fraudulent intentions right from the beginning and that the crypto exchange Thodex was a criminal organization from the start.<\/span><\/p>\n
However, <\/span>\u00d6zer<\/span> denied these claims against him and said Thodex was just a crypto company that went bankrupt in 2021 and had no fraudulent intention. He also told the court that he was very smart and he would not have acted so amateurish if he was looking to be a criminal.\u00a0<\/span><\/p>\n
Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Former CEO Faruk Fatih \u00d6zer of the bankrupt Turkish crypto exchange Thodex has been given a record-breaking prison sentence for stealing $2 billion in customer funds. Crypto CEO Sentenced To 11,196 Years Prison Sentence On Thursday, September 7, 2023, the former CEO of Thodex, which was one of the biggest cryptocurrency exchanges in Turkey, was reportedly sentenced to 11,196 years, 10 months, and 15 days in prison for several criminal charges including fraud, leading a criminal organization, and money laundering by the Anatolian 9th Heavy Penal Court. Related Reading: Shiba Inu Community Sounds Warning Alarm As Scammers Siege Shibarium The former CEO reportedly defrauded over 400,000 Turkish customers of more than $2 billion in deposits when the exchange went offline in April 2021, and \u00d6zer fled the country immediately after the exchange went offline. The prosecutors had initially requested a 40,562-year prison sentence for the former crypto exchange CEO. However, the final verdict saw the sentence reduced to 11,196 years, the longest sentence so far for a crypto crime. Furthermore, a judicial fine of 135 million Liras was also imposed on the former CEO, according to local media. Faruk Fatih \u00d6zer was not the only one involved in the alleged crime. Following the investigation, 83 people were arrested and detained, and four other senior employees were jailed. When the case was thoroughly investigated, \u00d6zer‘s sister Serap \u00d6zer, and brother Guven \u00d6zer, were also found guilty of the same charges and were given the same prison sentence respectively. Although these jail terms may seem outrageous and unfamiliar to many, they are very common in Turkey due to the country\u2019s death sentence eradication since 2004. In 2022, TV cult preacher Adnan Oktar was convicted of fraud and sexual assault and was sentenced to 8,658 years in prison along with 10 of his followers.\u00a0 Total market cap collapses to $1 trillion | Source: Crypto Total Market Cap on Tradingview.com Former Thodex Boss Denies Criminal Claims The 29-year-old former crypto boss was arrested in Albania in August 2022 where he was serving jail terms after fleeing Turkey in April 2021 when his crypto exchange first collapsed.\u00a0 Before his arrest, \u00d6zer denied claims against him fleeing the country intentionally when the Thodex exchange went dark. His response to the allegations was that he was out of the country because of business meetings.\u00a0 \u00d6zer was arrested after Interpol issued a red notice against him, and was extradited back to Turkey in April 2023 to face the charges against him. He was then detained by the police upon arrival and held on seven charges.\u00a0 Related Reading: Crypto Analyst Presents Bull Case For XRP Price To Hit $130, Here\u2019s When Some of the charges included establishing and managing an organization with the purpose of committing a crime, fraud by using information systems as a tool of banks or credit institutions, being a member of an organization, fraud of merchants or company executives and cooperative managers, and laundering the value of assets resulting from crime, among others. The court believed that \u00d6zer had fraudulent intentions right from the beginning and that the crypto exchange Thodex was a criminal organization from the start. However, \u00d6zer denied these claims against him and said Thodex was just a crypto company that went bankrupt in 2021 and had no fraudulent intention. He also told the court that he was very smart and he would not have acted so amateurish if he was looking to be a criminal.\u00a0 Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":550776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,89352,13667,12307,14690,83654,89351,89350],"class_list":["post-550768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-ceo","tag-crypto-crime","tag-crypto-exchange","tag-crypto-news","tag-thodex","tag-thodex-crypto-exchange","tag-thodex-exchange"],"acf":[],"yoast_head":"\nCrypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft<\/title>\n<meta name=\"description\" content=\"Former CEO Faruk Fatih \u00d6zer of the 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft","url":"http:\/\/wncen.com\/news\/crypto-ceo-prison\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-ceo-prison\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-CEO-prison.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-CEO-prison.jpeg?fit=3024%2C2016"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto ceo","crypto crime","crypto exchange","crypto news","thodex","thodex crypto exchange","thodex exchange"],"dateCreated":"2023-09-11T20:00:11Z","datePublished":"2023-09-11T20:00:11Z","dateModified":"2024-06-12T09:30:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-ceo-prison\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-ceo-prison\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-CEO-prison.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-CEO-prison.jpeg?fit=3024%2C2016\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto ceo\",\"crypto crime\",\"crypto exchange\",\"crypto news\",\"thodex\",\"thodex crypto exchange\",\"thodex exchange\"],\"dateCreated\":\"2023-09-11T20:00:11Z\",\"datePublished\":\"2023-09-11T20:00:11Z\",\"dateModified\":\"2024-06-12T09:30:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-CEO-prison.jpeg?fit=3024%2C2016","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550768"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=550768"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/550768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/550776"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=550768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=550768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=550768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}