Former crypto CEO faces up to over 40,400 years in jail for fraud in Türkiye

Faruk Fatih Özer, the founder and CEO of the collapsed cryptocurrency exchange Thodex, is facing up to 40,462 years in jail in Türkiye over fraud and money laundering.

The hearing at the Anatolian 9th High Criminal Court in Istanbul on Tuesday was attended by five detained defendants, including Özer, and some of the complainants and the lawyers of the parties.

The prosecutors demanded a prison sentence for Özer from 12,142 to 40,462 years for "establishing an organization with the aim of committing a crime", "fraud by using information systems, banks or credit institutions as tools" and "laundering the assets of merchants or company managers and cooperative managers resulting from fraud and crime."

Wanted on a red notice, Özer was apprehended in Albania on Aug. 30, 2022.

Özer, 27, fled Türkiye last year and left investors unable to access their funds.

Türkiye issued an international arrest warrant after he reportedly fled the country with at least $2 billion worth of cryptocurrency stolen from Thodex.