Turkish crypto leader gets 11,196 years in prison for fraud, among others

Two brothers and a ‘disgraced’ Turkish crypto pioneer who fled to Albania have been given sentences totaling 11,196 years in prison, according to the state news agency Anadolu.

According to the prosecution, Thodex CEO Faruk Fatih Ozer, 29, should serve 40,562 years in jail for fraud, money laundering, and founding a criminal organization.

“If I were to establish a criminal organisation, I would not have acted so amateurishly,” Anadolu quoted Ozer as telling the court.

Following a quick trial, his two brothers, Serap and Guven, each received the same penalty, according to Turkish media reports.

When Ozer left Turkey in April 2021, according to the prosecution, he transferred user assets totaling 250 million liras—roughly $30 million at the time—to three secret accounts. A large portion of the money ultimately ended up in a Malta bank.

The Ozer brothers allegedly damaged clients to the tune of 356 million liras, according to the indictment.

The case made national headlines since it occurred at the same time as Turkey’s cryptocurrency boom, which has now largely receded as a result of stricter government regulation.

As a line of defense against a severe decline in the value of the lira that started more than two years ago, Turks started turning to various cryptocurrencies.

After being photographed meeting with ultranationalist government supporters, Ozer’s notoriety increased.
A global arrest warrant from Interpol led to his capture in Albania last year.