Saturday, September 30, 2023

The founder of Thodex, a defunct cryptocurrency exchange, has staunchly denied all allegations of fraud in a Turkish court. Faruk Fatih Ozer, the crypto entrepreneur, had been extradited from Albania earlier this year after being accused of orchestrating fraudulent activities as the leader of the now-defunct platform.

Claiming Innocence: Faruk Ozer Denies Involvement in Thodex Case

Local media reports state that Faruk Fatih Ozer, the founder and CEO of the Turkish cryptocurrency exchange Thodex, refuted accusations of defrauding investors on the trading platform. He made his first appearance in a Turkish court on June 12, following his extradition from Albania in April.

Thodex collapsed in 2021, having amassed 400,000 users, and Ozer allegedly fled Turkey with approximately $2 billion of investors’ funds. He had been the subject of an Interpol red notice until Albanian law enforcement authorities apprehended him on August 30, 2022.

During the court hearing, which involved 21 individuals facing charges related to the exchange, Ozer declared that he had been framed and denied all accusations of fraud. The Hurriyet Daily News reported that seven other defendants were also in custody.

Faruk Fatih Ozer, CEO of Thodex
Faruk Fatih Ozer, CEO of Thodex

Ozer explained, “Initially, our aim was to engage in e-commerce. However, my interest shifted towards cryptocurrencies as I delved into the world of e-commerce.” He added, “I soon realized the profit potential within my social circle, leading me to steer the company in that direction… My life became intertwined with the digital world as I established a cryptocurrency exchange.”

The entrepreneur emphasized that all decisions within the company were made solely by him. He pointed out that his sister, Serap Ozer, a member of the exchange’s management team, held no genuine authority. Additionally, he claimed to be the sole individual responsible for overseeing all bank transactions conducted by the exchange.

Expressing his discontent, Faruk Ozer stated, “It is a glaring flaw in the legal system that my employees have been imprisoned for two years.” The Chief Public Prosecutor’s Office in Istanbul has indicted them on charges of forming a criminal organization, committing fraud, and engaging in money laundering. The prosecutors seek a maximum cumulative sentence of 40,564 years for these crimes.

Share your thoughts on whether Thodex founder Faruk Ozer will be found guilty of fraud charges in the comments section below.

Frequently Asked Questions (FAQs) about cryptocurrency exchange fraud

Q: What are the fraud charges against Thodex founder Faruk Ozer?

A: Thodex founder Faruk Ozer is facing fraud charges related to his role in operating the defunct cryptocurrency exchange. He is accused of defrauding investors on the platform, allegedly fleeing Turkey with around $2 billion of investor funds. Ozer has denied all allegations and claims to have been framed.

Q: When did Thodex collapse and how many users were affected?

A: Thodex collapsed in 2021, leaving approximately 400,000 users affected by the platform’s demise. The collapse resulted in significant financial losses for the users who had invested in the exchange.

Q: How did Faruk Ozer respond to the allegations in court?

A: Faruk Ozer, during his court appearance, vehemently denied his involvement in any fraudulent activities. He claimed innocence and asserted that he was framed in the Thodex case. Ozer stated that all decisions made within the company were his own, discrediting the authority of other individuals, including his sister who was part of the exchange’s management team.

Q: What charges are the other defendants facing in connection with Thodex?

A: There are 21 individuals, including Faruk Ozer, facing charges in connection with the Thodex case. The charges against them include establishing a criminal organization, committing fraud, and engaging in money laundering. Prosecutors are seeking substantial prison sentences, with a maximum total of 40,564 years, for the crimes they are accused of.

Q: What is the current status of the Thodex case?

A: The Thodex case is currently ongoing in a Turkish court. Faruk Ozer and the other defendants are facing legal proceedings for their alleged involvement in the cryptocurrency exchange scandal. It remains to be seen how the court will rule on the fraud charges and whether Faruk Ozer and the other defendants will be convicted or acquitted.

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