Crypto scammer faces 40,000 years in prison

After a year of escaping, one of the founders of the stock exchange Cryptocurrency He was just arrested by the authorities. He’s facing so much time in prison that it hardly makes any sense.

For his escape with two billion dollars, Faruk Fatih Ozer may face a sentence of up to 40,564 years. No, that’s not some kind of weird typo, we really mean over 40,000 years old.

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Faruk Fatih Ozer is the founder of Thodex, a Turkish cryptocurrency exchange that was originally founded in 2017 and amassed around 700,000 users at its peak.

Cryptocurrency exchanges are very popular in Turkey, even among those who do not usually engage in cryptocurrency trading. This is because Turkey’s local currency, the Turkish lira, has been in steady decline in recent years. To protect their money, many people in Turkey are turning to cryptocurrency exchange and looking for something more stable to invest in. Unfortunately, in the case of Thodex, this turned out to be a poor choice.

In April 2021, Thodex abruptly halted all trading, claiming that an outside investment forced it to pause trading for up to five days. Ozer then claimed that the company had to stop trading altogether, citing cyberattacks as the cause. Despite the promise that customer funds would remain safe, around 400,000 users this simply wasn’t the case. Users lost access to their accounts and thus lost their money.

Turkish police arrested several Thodex employees at the time, but Ozer did manage to escape to Albania, allegedly withholding $2 billion in funds belonging to the company’s investors and clients. Turkish authorities made Ozer the subject of an INTERPOL Red Notice, but despite worldwide research, his whereabouts were not determined until more than a year later.

Ozer is found in the Albanian city of Vlorë. His identity was confirmed using biometric results. He is awaiting extradition to Turkey, where he will face a heavy 40,000-year prison sentence for his crimes along with other Thodex executives.

It has not been announced what happened to the money after the founder of Thodex fled the country with it. Decryption reports that Thodex transferred $125 million worth of Bitcoin to an exchange in the United States in what appeared to be a “withdrawal.” On the other hand, as early as 2021, a lawyer representing Thodex investors stated that the funds became non-refundable.

Whether the money is recovered or not, it is clear that the local authorities mean business and will prosecute thousands of years in prison for these crimes.

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