Crypto baron behind $2.5B rug-pull declares ‘I’m sensible sufficient to steer any establishment on Earth’ as courtroom sentences him to 11,196 years in jail
Faruk Fatih Özer, the founder and CEO of the now-defunct crypto change Thodex, has been sentenced to 11,196 years in jail by a courtroom in Istanbul for crimes together with aggravated fraud, cash laundering, and organised crime. His sister Serap and brother Guven had been additionally discovered responsible and acquired the identical jail time period.
Thodex was based in 2017, and located success throughout a interval the place Turkey’s state forex, the lira, was present process a interval of speedy inflation. Turkish individuals started to see crypto as an apparently safer possibility than the fluctuating lira, notably when it got here to financial savings, and Özer grew to become a monetary superstar of types in Turkey. Thodex collapsed in April 2021, with Özer initially claiming traders’ cash was secure, earlier than he fled.
