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Turkish Court Sentences Founder of Defunct Crypto Exchange Thodex to More Than 7 Months in Prison Skip to main content

Turkish Court Sentences Founder of Defunct Crypto Exchange Thodex to More Than 7 Months in Prison

Turkish Court Sentences Founder of Defunct Crypto Exchange Thodex to More Than 7 Months in Prison

A Turkish court has sentenced Faruk Fatih Özer, the founder of the collapsed cryptocurrency exchange Thodex, to an effective seven months and 15 days in prison. During the trial, Özer denied being an executive of the crypto exchange when the platform allegedly failed to furnish the Tax Inspection Board with the documents requested.

Appointment of Trustee Reportedly Made Submission of Requested Documents Impossible

A court in Turkey has sentenced Faruk Fatih Özer, the founder of the defunct cryptocurrency exchange Thodex, to just over seven months in prison for failing to furnish the Tax Inspection Board with the documents it requested. However, according to a report in the Hurriyet Daily News, the Anatolian 17th Criminal Court of First Instance has since agreed to delay announcing the verdict as well as the implementation of the sentence.

As explained in the report, Özer, who was arrested in Albania in Aug. 2022, claimed that he was not a company executive when the alleged crime was committed. He also argued that the appointment of a trustee had made it impossible for him to submit the requested documents. Özer’s pleas nevertheless failed to sway prosecutors who were reportedly seeking a five-year jail sentence.

According to the report, the court initially ruled that the founder of Thodex should spend one year and six months behind bars. However, after considering the founder’s reported behavior before and during the trial, the Turkish court eventually ruled that Özer should only be in jail for seven months and 15 days.

Meanwhile, in addition to failing to submit tax documents, Özer is also accused of defrauding investors via his crypto platform. As reported by Bitcoin.com News, the Thodex founder was arrested in Albania several months after he fled from Turkey with $2 billion which belonged to investors.

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