Thodex CEO faces 40,000 years in prison

Crypto exchange Thodex and 21 people associated with the business, including the company’s chief executive officer, now face 40,564 years in prison each.

According to Bloomberg, each of the accused in Thodex’s alleged $108m scams may be given the harshest prison sentence ever issued in the country’s courts.

Thodex’s CEO, Faruk Fatih Ozer, is at large and has a red notice by local authorities as well as Interpol. He has been missing since April 2021. Thodex was suspended that same month with Ozer allegedly pilfering $2bn in investor money.

A total of 62 people has been arrested in relation to the scams and have been questioned by police. Soon after Ozer took a trip to Albania and disappeared, consumers started complaining that they were unable to withdraw their money.

Authorities were immediately alerted with people dispatched to several countries, including Albania, in an attempt to work with local authorities and apprehend the man who has been in hiding ever since.

Since his disappearance prosecutors have been working hard to establish the guilt of each suspect.

Prosecutors alleged numerous instances of misuse of IT systems, running a criminal organization and using various underhand practices to facilitate the scams.

The scam is particularly hurtful to the country as Turkish people have been turning to crypto to safeguard their money against mounting inflation.

An even more damning report issued by Chainalysis in February 2022 revealed that Thodex may have bene behind 90% of the rug pulls in 2021 globally.

This means that Thodex has not just hurt investors in Turkey, but potentially acted as a fraudulent organization on a global scale, duping hundreds of thousands of investors out of money.

If you want to know that your crypto is safe, we recommend using it recreationally instead at places such as Bitcasino, 1xBit or FortuneJack.


Updated: 04/04/2022 — 12:00