Turkish authorities are seeking jail sentences for founders and executives at the Thodex cryptocurrency exchange. This is just one year after it stopped trading and its chief executive vanished.
According to Demiroren News Agency, the indictment against Istanbul-based Thodex seeks sentences up to 40.564 years for each defendant.
Faruk Fatih Ozer (28), has been reported missing for over a year. Turkish police teams flew to four countries, including Albania, in unsuccessful attempts to find Ozer after footage was captured at Istanbul’s airport in April 2021. According to Interpol, Ozer is still wanted and has been issued a red notice.
Thodex was an integral part of the crypto boom that attracted legions of Turks looking to protect their savings against inflation and unstable currencies. Ozer made a statement in an unidentified location in April 2021 promising to repay investors and to come back to Turkey to face the justice system at a later time.
According to the indictment, total losses from the collapse of the exchange were 356 million lire ($24 million), which is far less than the $2.6 billion estimates in Chainalysis’ February report. According to the indictment, Thodex was responsible for approximately 90% of global value loss due to rug pulls in 2021.
According to the Demiroren Report, the defendants are charged with establishing a criminal organisation, fraud through informatics system and laundering proceeds of criminal activity.
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