Turkish cryptocurrency mogul sentenced to over 11,000 years in jail

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Faruk Fatih Ozer being escorted out of a police facility in Turkey by officers. — X/@Selene406

A Turkish cryptocurrency govt and his two siblings have been sentenced to a complete of 11,196 years in jail for defrauding buyers of tens of millions of {dollars}, BBC reported on Saturday.

Faruk Fatih Ozer, 29, fled to Albania in 2021 after his Thodex alternate collapsed earlier than he was extradited again to Turkey in June and located responsible of cash laundering, fraud, and organised crime.

In accordance with the Anadolu Company, Ozer claimed: “I’m good sufficient to guide any establishment on Earth. That’s evident on this firm I established on the age of 22.”

The Istanbul trial discovered his sister Serap and brother Guven responsible of the identical expenses and have been sentenced individually for a number of crimes towards 2,027 victims, resulting in the whole variety of years within the judgment.

Because the demise penalty was abolished in Turkey in 2004, uncommon jail sentences like this have been quite prevalent.

A TV cult preacher named Adnan Oktar was sentenced to eight,658 years in jail in 2022 for fraud and intercourse offences whereas 10 of his supporters got the identical punishment.

In accordance with AFP, prosecutors in Ozer’s case had requested for him to be sentenced to 40,562 years in jail.

Turks have adopted cryptocurrencies as a defence towards a big lira decline over two years in the past, with the 2017-founded Thodex turning into one of many largest exchanges for digital currencies within the nation.

Ozer, a monetary whiz, gained nationwide fame by befriending pro-government figures. Nevertheless, the platform imploded in April 2021, inflicting investor property to vanish.

Ozer went into hiding and was arrested in Albania on a world warrant and extradited after an in depth authorized course of.

Turkish media reported Ozer fled with property value $2 billion. 

The prosecutor’s indictment estimates whole losses to Thodex buyers at 356 million liras, which was value $43 million on the time of the alternate’s implosion however is now value $13 million because of inflation and the lira’s collapse.

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