Turkish Prosecutors Seek 40,000 Years In Jail For Crypto Scammer

Turkish prosecutors seek 40,000 years in jail time for a crypto scammer or more specifically the executives from the Thodex crypto exchange which if approved, could be the harshest prison sentence of all time. But let’s read more first about the exchange in today’s latest cryptocurrency news.

Bloomberg reported that the charges against the Instanbul-based Thodex exchange from the Turkish prosecutors seek sentences of up to 40,564 years for the 21 accused. Accoridng to the local media sources, the defendants are among those that were involved in the $108 million thodex scams. Faruk Fatih OZer who is the founder and chief executive of the exchange is the main suspect in the investigation and was labeled a wanted man by the local authorities. Thodex declared in April that the platform has been suspended temporarily because of the abnormal fluctuation in the company accounts while Ozer traveled to Albania with up to $2 billion in investor money.

At that time, more than 62 people were arrested and jailed as a part of the investigation process and the reports showed a photo of Ozer exiting the Instanbul airport. The same month, the users of the Thodex exchange stated that they were not able to withdraw hundreds of millions of dollars worth of crypto with the exchange’s founder nowhere to be found and refusing to speak to anyone.

At the time of the initial complaint, the exchange whcih processes up to a million dollars in daily transactions had more than 400,000 users and 390,000 of whom were active. Following the release of the CCTC of Ozer at the airport, the Turkish authorities flew to four countries while trying to locate the executive. Despite the fact that the main suspect is yet to be apprehended, the prosecutors proceeded with teh charges. They include employing information systems fraudulently and establishing a criminal organization and utilizing the bank or credit information system as a tool.

If Ozer is caught, he could face 40,564-year prison sentence upon conviction. The Turkish citizens turned to crypto in order to preserve their investments from the rising inflation and the drop in the value of the Turkish Lira. Thodex provided millions of free DOGE to the new registrations last month and other reports disclosing that the exchange released 4 million of the meme tokens by many users claimed that they haven’t recieved them.
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Based on the Chainalysis study, Thodex was responsible for 90% of the value lost in rug pulls in 2021.