"Crypto Mogul Ozer Wins Partial Victory, Remains Detained"

The once-celebrated crypto mogul, Faruk Fatih Ozer, the founder of the collapsed Turkey-based crypto exchange Thodex, has secured a partial legal victory. On Thursday, the Istanbul 22nd Regional Court of Justice ruled to maintain Ozer’s detention on fraud charges but dropped allegations of organized crime, according to his attorney, Sevgi Eraslan's press statement.

Ozer, who was sentenced to 11,196 years in prison in September 2023 for allegedly defrauding over 400,000 investors out of $2 billion, remains behind bars despite the partial ruling in his favor. His legal team vows to push for further leniency, stating, "We will follow all legal channels to ensure a fair trial process."

Eraslan described the court’s decision as a demonstration of the judicial process' evolving nature, noting each criminal charge must be evaluated "independently" rather than grouped together. She argued, "The presumption of innocence is one of the cornerstones of a democratic state governed by the rule of law. No person can be declared guilty before the judicial process reaches a final decision."

The statement also took aim at public perception and media narratives, arguing "comments and prejudices made before the trial process is completed not only undermine trust in the judiciary but also harm the fundamental rights of individuals."

Ozer’s rise and catastrophic fall is a story that continues to haunt Turkey’s crypto space. Founded in 2017, Thodex quickly became one of the country’s largest exchanges, processing more than $1 billion in daily trading volume at its peak. But on April 20, 2021, the crypto exchange abruptly halted trading, locking 391,000 traders out of their accounts.

Panic spread as reports emerged that Ozer had fled Turkey, triggering an Interpol Red Notice. Investigators later discovered that Ozer had fled Turkey, allegedly smuggling a hardware wallet containing $2 billion in crypto. He later claimed to have emptied it to repay victims before tossing it into the Ionian Sea—a claim that remains unverified.

After a 16-month manhunt, authorities arrested Ozer in Vlora, Albania, in August 2022. By April 2023, he was extrad