WEB3
by BSCN
September 8, 2023
The investigation also led to the detention of 83 individuals, with 16 of them acquitted while others received prison terms for their involvement in Thodex's collapse.
Summary
Formerly popular among Turkish natives, Thodex ceased operations in April 2021, coinciding with the founder Faruk Fatih Özer's disappearance. The exchange’s collapse left more than 400,000 users grappling with the loss of access to their crypto holdings collectively valued at around $2 billion.
In a recent ruling by a Turkish Court, Faruk Özer, along with his siblings Serap Özer and Güven Özer, have been collectively sentenced to a staggering 11,196 years, 10 months, and 15 days behind bars. The trio has also been slapped with a hefty judicial fine of 135 million Turkish liras (equivalent to approximately $5 million).
Özer's escape to Albania proved short-lived as he was arrested in August 2022, courtesy of an Interpol red alert.
By April 2023, Özer was extradited to Turkey and into custody by the authorities, facing a litany of charges, including establishing and managing a criminal organization, being a member of an organization, fraudulent use of information systems in relation to banks or credit institutions, among others.
The investigation, which implicated Özer's siblings as well as four senior Thodex employees, led to the detention of at least 83 individuals. During the subsequent trial, 21 defendants were confronted with the prospect of up to 40,564 years in prison.
The Anatolian 9th Heavy Penal Court’s ruling on Thursday saw 16 of the 21 defendants acquitted, with four of the seven individuals previously detained released due to insufficient evidence. The remaining defendants received various prison terms for their involvement in the crypto exchange's downfall.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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