Crypto Exchange Founder Gets One Of History's Longest Jail Sentences — 11,196 Years Behind Bars

A Turkish court sentenced Faruk Fatih Ozer, the former head of the Thodex cryptocurrency exchange, to a staggering 11,196 years behind bars.

The court's decision, announced this Thursday, was based on multiple charges, including aggravated fraud, money laundering, and heading a criminal group, Bloomberg reported.

Alongside Ozer, his two siblings also received similar jail terms.

Also Read: Billionaire Reveals Portfolio - Why He's Betting On Bitcoin, MicroStrategy And Crypto Miners

This case is expected to be a major topic of discussion at the upcoming Benzinga's Future of Digital Assets conference, where experts will delve deeper into the implications of such judgments on the broader digital assets landscape.

Despite facing severe legal consequences for the downfall of Thodex in 2021, Ozer remained defiant during his final court appearance.

“I am smart enough to lead any institution on Earth,” he said, per the state-controlled Anadolu Agency. "That is evident in this company I established at the age of 22. I wouldn’t have acted so amateurishly if this were a criminal organization.”

There's still ambiguity regarding the exact financial impact of Thodex's collapse on its investors.

While the prosecutor's report gauges the damages at around 356 million liras (equivalent to $13 million), some Turkish media outlets have speculated losses of up to $2 billion.

A separate analysis by Chainalysis estimates the vanished cryptocurrency value at a massive $2.6 billion.

Earlier this year, after an extensive legal battle, Ozer was extradited back to Turkey from Albania.

Read Next: Riot Platforms Analysts Expect Bitcoin Mining Stock To More Than Double

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying-  get yours!

Image: Pixabay