Not Days, Weeks Or Months. Turkish Prosecutor Is Seeking Up To 40,564 Years Of Jail For Missing Crypto CEO!

Not a few days, weeks or even months. A Turkish prosecutor is pursuing jail sentences totaling up to 40,564 years for founders and executives of the defunct Thodex cryptocurrency exchange, a year after it halted trading and its CEO disappeared, as per a report in BloombergQuint.

The criminal accusation against the Istanbul-based Thodex reportedly seeks these sentences of over 40,000 years in jail for each of the 21 defendants, which the accused may face if the court in Turkey backs the prosecutor¡¯s plea in the case.

DW.com

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The Accusations

The accused include 28-year-old CEO Faruk Fatih Ozer, who has been missing since the past year. After footage of Ozer at Istanbul airport emerged in April 2021, Turkish police teams have reportedly flown to 4 countries including Albania in failed attempts to locate him. Ozer remains wanted with a red notice, according to the Interpol website. According to local media reports, Ozer reportedly fled to Albania with $2 billion.

Thodex exchange was part of the cryptocurrency boom that drew in legions of Turks seeking to protect their savings from rampant inflation and an unstable currency amidst the crisis.

On the other hand, in a statement from an unknown location in April 2021, the CEO Ozer had reportedly promised to repay investors and to return to Turkey to face justice at a ¡®later date¡¯.

Exitnews

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The criminal accusation also says that the total losses due to the collapse of the exchange amounted to 356 million liras ($24 million). It further stated that Thodex was responsible for about 90% of the total value lost globally to so-called rug pulls in 2021.

The defendants are also accused of establishing a criminal organisation, fraud through informatics systems as well as laundering proceeds from criminal activity, according to the Demiroren report.

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