Report: CEO of Collapsed Exchange Receives Record 11,196-Year Prison Term for $2B+ Crypto Loss

Report: CEO of Collapsed Exchange Receives Record 11,196-Year Prison Term for $2B+ Crypto Loss

Crypto Exchange CEO Sentenced to Over 11,000 Years in Prison for Stealing $2 Billion in Crypto Assets

The chief executive of Thodex, an Istanbul-based crypto exchange, has been sentenced to a staggering 11,196 years in prison for stealing $2 billion worth of crypto assets from customers. Faruk Özer, the CEO of Thodex, fled Turkey after the exchange suddenly went offline in April 2021, leaving 400,000 customers unable to access their funds. Interpol issued a red notice for Özer, who was caught in Albania in 2022. The red notice alleged that Thodex was a criminal organization and that Özer had intended to scam his customers from the start. Özer was found guilty of money laundering, fraud, and leading a criminal organization. Two of his siblings also received jail time.

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The prison sentence handed to the CEO of Thodex demonstrates the severity of the consequences for crypto fraud. This case highlights the importance of due diligence and caution when engaging with crypto exchanges. It serves as a reminder that investors should thoroughly research and choose reputable platforms to safeguard their assets. Regulatory measures and oversight are crucial in the crypto space to prevent such fraudulent activities. As the industry continues to grow, it is imperative to establish robust regulations and enforcement mechanisms to protect investors and maintain the integrity of the crypto ecosystem.

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