Crypto Exchange Founder Released Despite Facing Over 11,000 Years in Prison

The release of Faruk Fatih Özer, the founder of defunct crypto exchange Thodex, has ignited public outrage, despite his alleged role in a major fraud case involving 94 million lira in losses.

Initially arrested after being extradited from Albania to Turkey, Özer was expected to face a lengthy prison sentence but was unexpectedly freed, raising questions about the legal process.

After fleeing Turkey, Özer was apprehended in Albania on August 30, 2022, and handed over to Turkish authorities in April 2023. Prosecutors had built a case against him, demanding a staggering 11,462-year sentence for his alleged role in defrauding thousands of investors.

However, in a surprising turn, a court decision led to his release, sparking backlash from victims and legal experts alike.

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Following complaints from 572 individuals, authorities launched a fresh inquiry, resulting in an indictment on January 22, 2024. The document names 21 suspects, including Özer, and outlines severe accusations such as fraud, money laundering, and operating a criminal network. A MASAK report further confirmed that victims lost 94 million lira in the Thodex collapse.

Despite the severity of the charges, Özer’s release has led to widespread criticism, with legal efforts now underway to challenge the decision. Many see this as a setback in holding financial criminals accountable, while the case continues to unfold as one of Turkey’s most controversial crypto fraud scandals.

Alexander Stefanov