The founder of a fallen crypto exchange has been found guilty of money laundering and other charges in Turkey, receiving a whopping jail sentence of over 11,000 years.
Faruk Fatih Ozer, Turkish founder of crypto exchange Thodex, has been sentenced to 11,196 years of prison after being found guilty of money laundering, fraud and organized crime, according to media reports citing court proceedings. In response, Ozer told the court that he would «not have acted so amateurishly» if his intent was criminal, citing his entrepreneurial track record at a young age.
«I am smart enough to lead any institution on Earth,» he said. «That is evident in this company I established at the age of 22.»
One of Turkey’s Largest Crypto Exchanges
Founded in 2017, Thodex became one of Turkey’s largest crypto exchanges, helping Ozer earn national fame and subsequent relationships with prominent public figures in the country.
But in April 2021, the exchange suddenly crashed and Ozer left the country. Initially, Turkish media reported that Ozer fled with $2 billion but the prosecutor’s indictment estimates a total investor loss of 356 million liras – or the equivalent of around $43 million at the time. He was arrested last year in Albania on an international warrant from Interpol before being extradited to Turkey in June this year.
Extraordinary Prison Sentences
Since the abolition of the death penalty in 2004, extraordinary prison sentences have become common in Turkey. For example, TV cult preacher Adnan Oktar was sentenced to 8,658 years in jail for fraud and sex crimes in 2022. Prosecutors had originally sought a 40,562-year prison sentence for Ozer.
