Turkey demanded a life sentence for Thodex crypto exchange employees

The prosecutor is asking for prison sentences of up to 40 564 years for each of the 21 defendants

04.04.2022 - 10:25

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What’s new? A Turkish prosecutor has demanded a life sentence for the founders and executives of the Thodex cryptocurrency exchange. The prosecution believes the 21 defendants should be sentenced to terms of up to 40 564 years in prison. Among the defendants is 28-year-old CEO Faruk Fatih Özer, who has been on Interpol’s international wanted list since 2021, Bloomberg reports. According to the materials of the investigation, the total damage from the exchange’s activities amounted to $24 million.

Bloomberg’s material

Details of the case. In 2021, the investors filed a class-action lawsuit against the Thodex cryptocurrency exchange, accusing its founders of fraud. On April 21, all trading on the platform stopped. Initially, the company’s website said that operations would resume in 5 days, but they never resumed. According to the Turkish publication Demiroren, the CEO of Thodex flew to Albania on April 20, promising “to settle accounts with creditors soon.”

Thodex is a Turkish cryptocurrency exchange that was founded in 2017. The site had around 390 000 active users. According to CoinGecko, the cryptocurrency exchange had a daily trading volume of $744 million on its last day of operation on April 21, 2021.

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