Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Crypto Exchange

Turkish prosecutor seeks 40000 years prison sentence for crypto CEO

A Turkish prosecutor asked for  jail sentences as long as 40,564 years for 21 officials of the Istanbul-based Thodex cryptocurrency exchange, about a year after it was shut down and its CEO disappeared.

CEO Faruk Fatih Ozer, 28, was seen in footage at Istanbul airport last April. Turkish police have not been able to locate him, though he is wanted with a red notice, Interpol says.

The indictment accuses the defendants of creating a criminal organization, fraud and money laundering, Demiroren News Agency reported last week, according to Bloomberg News.

Thodex was part of a Turkish cryptocurrency boom that attracted investors seeking to protect their savings from inflation and a weakening currency.

The indictment said total losses at the exchange were about $24 million, but a report in February by Chainalysis estimated losses at $2.6 billion.

Ozer said in a statement issued last April from parts unknown that he would repay investors and return to Turkey, the report said.

Last year, Turkish police reportedly detained 62 people in the initial investigation, The Block reported at the time. Ozer was said to have fled to Tirana, Albania, according to Turkish police.

Featured

Technology

The company unveiled a new stylish hardware wallet designed by a former Apple engineer at a Paris event today Bitcoin and cryptocurrency hardware wallet...

Bitcoin Mining

According to a Coindesk report, “The industry has found itself in a fight with the local grid operator provider, Ande, and some members of the...

Finance

People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittance payments in local currency through Bitcoin’s Lightning Network. Bitcoin payments app Strike...

Finance

Although the crypto winter of 2022 has disrupted the entire crypto industry, traditional banking giants are showing confidence in the sector. Japanese banking giant...