Faruk Fatih Ozer is a Turkish businessman who founded and served as the CEO of Thodex, a cryptocurrency exchange based in Turkey.
Thodex was launched in 2017 and quickly became one of the largest cryptocurrency exchanges in Turkey, with over 700,000 users.
However, in April 2021, Thodex abruptly shut down its operations, leaving its users unable to access their funds.
It was later revealed that Ozer had fled Turkey with an estimated $2 billion worth of cryptocurrency belonging to Thodex users.
Turkish authorities issued an international arrest warrant for Ozer and launched an investigation into Thodex and its operations.
Faruk Fatih Ozer net worth
Ozer’s net worth is currently unknown.
It is only understood that in April 2021, Thodex suddenly shut down, and Ozer fled the country with an estimated $2 billion worth of investors’ funds.
Faruk Fatih Ozer arrest
Ozer was arrested in Albania on April 23, 2021, at the request of Turkish authorities.
He was then extradited back to Turkey to face charges of fraud, money laundering, and forming a criminal organization.
Ozer has denied the charges against him, claiming that the allegations are part of a conspiracy to discredit him and Thodex.
However, Turkish authorities have stated that they have evidence of Ozer’s involvement in the alleged crimes.
The case has drawn attention to the need for greater regulation of the cryptocurrency industry, particularly in countries where the sector is still largely unregulated.
Faruk Fatih Ozer sentencing
Ozer was sentenced to 11,196 years in prison by a Turkish court for fraud and embezzlement.
He was accused of defrauding thousands of investors out of $2 billion before fleeing to Albania in April 2021.
Additionally, Ozer’s two brothers were also sentenced to 11,196 years in jail each, per Vanguard Nigeria.
The prosecutors had asked for Ozer to be sentenced to 40,562 years in prison.
The sentencing of Ozer and his brothers is symbolic, as Turkish law limits the maximum time a person can serve in prison for crimes to 30 years.