Turkey: Lawyers are seeking 40,000-year prison sentences for each of the 21 people involved in the Thodex crypto exchange fraud case.
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Turkey is seeking colossal sentences of over 40,000 years for suspects allegedly linked to a fraudulent cryptocurrency exchange.
A prosecutor is seeking prison sentences of up to 40,564 years for 21 people accused of operating Thodex, a now-defunct cryptocurrency exchange.
As Demiroren reports, via Bloomberg, the alleged founders and executives of Thodex are in the prosecutor's sights.
The indictment, issued on Thursday, names Faruk Fatih Ozer, the 28-year-old CEO of the cryptocurrency exchange who disappeared a year ago.
In April 2021, a notice was posted on the Thodex website, informing users that the trading post would be closed for several days to address a “sales” process.
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Since then, the cryptocurrency exchange has never reopened and investors have been unable to access their accounts or withdraw funds. Thodex claimed on social media that no one was scammed.
However, many accused the exchange of running an exit scam. At the time, Thodex called the accusations “baseless.”.
While reports at the time estimated losses in the billions of dollars, the indictment revised that figure closer to $24 million.
An international arrest warrant has been issued for Ozer, who was last seen at Istanbul airport in April 2021. Since then, Turkish authorities have tracked him down in four different countries, including Albania. The CEO claimed he was meeting investors abroad.
Interpol has issued a Red Notice for Ozer. The Turkish national is wanted for “establishing organizations with the aim of committing crimes [and] aggravated fraud,” according to the law enforcement agency.
Ozer is still missing, despite assurances given last year that he would return to his homeland to cooperate with local authorities.
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Cryptocurrency is a popular financial outlet for many members of the younger Turkish generation due to Turkey's economic woes and the unstable lira. The trend has concerned Turkish financial authorities for years.
Information source: zdnet.com
