Monday, May 20, 2024

The founder of the failed Thodex cryptocurrency exchange, Faruk Fatih Özer, has been sentenced by a Turkish court to serve seven months and fifteen days in prison. Despite denying that he was serving as the crypto exchange’s executive at the time of its failure to provide requested documents to the Tax Inspection Board, the court has delivered its verdict.

Reportedly, Trusteeship Appointment Hindered Submission of Required Documents

Faruk Fatih Özer, founder of the now-defunct Thodex, has been sentenced to slightly more than seven months imprisonment in Turkey, for not providing necessary documents to the Tax Inspection Board. Yet, Hurriyet Daily News reports that the Anatolian 17th Criminal Court of First Instance has agreed to defer both the announcement of the verdict and the execution of the sentence.

As per the report, Özer, apprehended in Albania in August 2022, contended that he was not serving as the company’s executive when the purported crime took place. He further argued that the assignment of a trustee made it impossible to submit the requested documents. Regardless, prosecutors were not persuaded by Özer’s arguments and were reportedly aiming for a five-year prison term.

Initially, the court decided that Thodex’s founder should be incarcerated for a year and six months. However, after considering Özer’s behavior both prior to and during the trial, the sentence was revised to seven months and 15 days by the Turkish court.

Furthermore, besides failing to provide tax-related documents, Özer has been accused of duping investors through his cryptocurrency platform. According to a report by CryptokenTop.com News, Özer was caught in Albania after absconding from Turkey with investor funds amounting to $2 billion.

What’s your take on this matter? Feel free to share your thoughts in the comments section below.

Frequently Asked Questions (FAQs) about Thodex founder’s sentencing

What sentence did the Turkish court give to the founder of Thodex?

The founder of the Thodex cryptocurrency exchange, Faruk Fatih Özer, was sentenced to seven months and fifteen days in prison by a Turkish court.

Who is Faruk Fatih Özer?

Faruk Fatih Özer is the founder of the now-defunct Thodex cryptocurrency exchange. He was sentenced by a Turkish court for failing to submit necessary documents to the Tax Inspection Board.

Why was Faruk Fatih Özer unable to submit the required documents?

Özer claimed that the appointment of a trustee made it impossible for him to submit the requested documents to the Tax Inspection Board.

Is Faruk Fatih Özer accused of any other crimes?

Yes, besides failing to provide tax documents, Özer has been accused of defrauding investors through his cryptocurrency platform. He was reportedly arrested in Albania after fleeing Turkey with $2 billion belonging to investors.

What was the initial sentence for Faruk Fatih Özer?

Initially, the Turkish court ruled that Özer, as the founder of Thodex, should spend one year and six months in prison. However, considering his behavior before and during the trial, the sentence was reduced to seven months and fifteen days.

More about Thodex founder’s sentencing

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7 comments

CryptoGuru42 July 21, 2023 - 2:10 pm

what a story! 7 months doesn’t seem enough for a guy who ran away with 2 billion dollars from investors… just saying.

Reply
Hodl4Life July 22, 2023 - 12:23 am

Guess the motto ‘not your keys, not your coins’ stands true after all. Remember to do your own research, folks!

Reply
GoldnOld July 22, 2023 - 1:34 am

And they say crypto is the future, ha! Look at all these scandals. I’ll stick to my good old stocks, thank you very much.

Reply
SatoshiN July 22, 2023 - 4:51 am

am I the only one who thinks 7 months is like a joke for all the damage he’s done? how can he just get away with 7 months, doesn’t make sense!

Reply
BlockchainBeliever July 22, 2023 - 5:09 am

Such a disgrace, this kind of incidents are what give crypto a bad name! We need more regulations for sure.

Reply
TurkishTrader July 22, 2023 - 5:31 am

can’t believe this. thodex was one of the biggest exchanges in our country… now this! Trust is broken, man.

Reply
AliceInCryptoLand July 22, 2023 - 6:24 am

this is sad really. Hope the investors get their money back. But again, always remember: don’t invest more than u can afford to lose.

Reply

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