Founder and former CEO of Thodex, Faruk Fatih Özer, has been sentenced to seven months...
Founder and former CEO of Thodex, Faruk Fatih Özer, has been sentenced to seven months and 15 days in prison for his failure to submit requested documents during his trial.
Özer, who had previously been detained and later fled to Albania, was apprehended and deported back to Türkiye following a Red Notice by Interpol.
The closure of Thodex, once a prominent cryptocurrency exchange in the country, left investors with approximately $2 billion worth of cryptocurrencies.
Throughout the trial, Özer maintained his innocence but failed to provide the requested documents to the Tax Inspection Board.
He argued that he was not the official representative of Thodex during the specified period and therefore could not present the requested books.
Özer claimed that a trustee had been appointed to manage the business on his behalf during that time.
Initially, Özer’s prosecutor sought a five-year prison sentence for “smuggling” under the Tax Procedure Law.
However, the court initially sentenced him to one year and six months, which was later reduced to seven months and 15 days.
The reduction was based on factors such as Özer’s social relations, overall behavior, and conduct during the trial.
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Apart from tax-related charges, Özer also faces accusations of defrauding Thodex investors, and a hearing on these claims is pending.
Despite the allegations, Özer maintains his innocence and asserts that he has been framed by the defendants.
In a related context, a recent study by Swedish crypto tax firm Divly revealed that a vast majority of crypto investors, approximately 99.5%, did not pay taxes in 2022.
The report highlighted that Finland had the highest proportion of crypto investors who fulfilled their tax obligations at 4.09%, closely followed by Australia at 3.65%.
However, the report acknowledged the questionable methodology used to derive these estimates, emphasizing that search volume data might not accurately reflect the actual number of crypto taxpayers, as not all individuals who pay taxes search for crypto tax-related information online.
As the legal proceedings continue, the case of Faruk Fatih Özer and Thodex serves as a reminder of the complexities surrounding cryptocurrency regulation and taxation.
It underscores the importance of transparency and accountability in the crypto industry and highlights the need for robust regulatory frameworks to protect investors and ensure the integrity of digital asset exchanges.
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