April

Faruk Fatih Özer, the founder of the now-defunct Turkish crypto exchange Thodex, has been sentenced to a colossal 11,196 years in prison. This verdict comes from a Turkish court and is linked to various crimes, including fraud and money laundering. 
Thodex, once one of Turkey’s prominent <a href="https://crypto.ro/en/education/best-crypto-exchange/">cryptocurrency exchanges</a>, collapsed in 2021, leading to substantial financial losses for nearly 400,000 investors, estimated to be around $2 billion, as reported by several sources. 
The prosecution alleges that the assets were transferred to multiple accounts abroad, a move that has left countless investors in a state of financial ruin. 
The exchange’s implosion left a void in the booming Turkish cryptocurrency market, which has seen increased activity in recent years due to the nation’s economic volatility. 
Faruk Fatih Özer, along with other&nbsp;20 suspects and his siblings Serap Özer and Güven Özer, was found guilty for their roles in the mismanagement and eventual <a href="https://crypto.ro/en/news/sec-sues-terraform-labs-and-do-kwon-for-alleged-cryptocurrency-fraud/">collapse of the exchange</a>. Faruk Fatih Özer’s sentence marks one of the most severe penalties ever handed down in the cryptocurrency sector. 
Prior to his sentencing, Faruk Fatih Özer was extradited from Albania,&nbsp;in May 2022, to Turkey and was immediately detained upon his arrival. His extradition and subsequent arrest marked a significant milestone in the investigation into the collapse of the Thodex exchange. 
The Thodex saga began unraveling in April 2021 when the platform halted all trading activities, citing a partnership deal as the reason behind the sudden closure. However, it later emerged that there was no partnership, and the closure was a tactic to buy time as Ozer allegedly fled the country with a substantial amount of the exchange’s assets. 
As the case progresses, the court will be examining a myriad of evidence, including digital data and witness testimonies, to ascertain the depth of the fraud perpetrated by Ozer and his associates. 
The Turkish government has also expressed its commitment to ensuring justice is served, emphasizing the need for stringent regulations to govern the burgeoning cryptocurrency market in the country.

CEO of defunct Turkish crypto exchange Thodex, given historic sentence

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