Turkey seeks 40,000-year jail sentences for crypto CEO, officials


advertisement

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.

Track live crypto price of 10000+ coins!


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.

Related:  Crypto hardware wallet maker OneKey raises $20 million in Series A funding

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.

 

Trending Stories


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: