Turkish cryptocurrency boss jailed for 11,196 years for money-laundering, fraud, and organized crime


Turkish cryptocurrency boss Faruk Fatih Ozer and his two siblings have been jailed for 11,196 years each for defrauding investors of millions of dollars.

According to BBC News, Ozer fled to Albania in 2021 with investor assets after his Thodex exchange collapsed.

He was extradited back to Turkey in June and found guilty of money-laundering, fraud, and organised crime.

His sister Serap and brother Guven were also found guilty of the same charges.

Such extraordinary prison sentences are common in Turkey since the abolition of the death penalty in 2004.

The case highlights the growing use of cryptocurrencies in Turkey as a defense against the lira’s decline.

Turkish media reports Ozer fled with $2bn assets, but prosecutor’s indictment estimates total losses to Thodex investors at 356 million Lira, now worth $13m due to inflation and currency collapse.

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