Faruk Fatih Özer, the founder of the defunct Turkish cryptocurrency exchange Thodex, along with his sister Serap Özer and brother Güven Özer, have received a substantial prison sentence.

Local reports reveal they have been sentenced to a total of 11,196 years, 10 months, and 15 days behind bars.

Additionally, they are liable to pay a judicial fine amounting to 135 million liras (approximately $5 million).

Thodex, once among Turkey's prominent cryptocurrency exchanges, abruptly ceased operations in April 2021, leaving over 400,000 users in the dark regarding their deposits, which totalled around $2 billion in various cryptocurrencies.

Following the shutdown, Faruk Fatih Özer disappeared from the scene, causing widespread concern.

Arrested in Albania

In August 2022, Özer was arrested in Albania after Interpol issued a red notice for his capture.

Subsequently, by April 2023, he was successfully extradited to Turkey.

Upon his return, Özer faced a litany of charges, including establishing and managing an organization with criminal intent, participating in such an organization, fraud via information systems related to banks or credit institutions, fraudulent activities involving merchants, company executives, and cooperative managers, and money laundering stemming from criminal proceeds.

Upon the revelation of the case, not only Özer but also his siblings and four high-ranking employees were detained, with a total of 83 individuals apprehended as part of the investigation.

During the subsequent trial, a total of 21 defendants faced a collective potential prison sentence of up to 40,564 years.

Court Verdict

On Thursday, the Anatolian 9th Heavy Penal Court delivered its verdict. In a surprising turn of events, 16 out of the 21 defendants were acquitted, and four of the seven previously incarcerated individuals were released due to insufficient evidence.

Meanwhile, the remaining defendants received varying prison terms for their involvement in various crimes.

It is not known if any of the defendants will appeal their sentence.