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Turkish Court Eases Sentence for Crypto Thodex Founder

Coin WorldFriday, Jan 31, 2025 6:00 pm ET

1min read

Turkish Court Overturns One Charge Against Thodex Founder Who Stole $2 Billion

The Turkish court has overturned one charge against Faruk Fatih Özer, the founder of the cryptocurrency exchange Thodex, who was accused of stealing around $2 billion from investors. The court ruled that the charge of creating a criminal organization was not supported by sufficient evidence.

Faruk and his brothers Güven and Serap were initially sentenced to a total of 11,196 years in prison for charges such as aggravated fraud and money laundering, in addition to the organized crime charge. However, the court's recent decision has reduced the brothers' sentences significantly.

The Özer brothers were arrested in 2022 after Faruk was caught in Albania and extradited to Turkey. The brothers were accused of committing one of the biggest rug pulls in crypto history, stealing around $2 billion from hundreds of thousands of users.

The court's decision has sparked controversy, with some arguing that the brothers' sentences were too lenient. However, the brothers' legal team has demanded a retrial, alleging that public perception and media narratives contributed to the long sentence.

In a separate development, the Turkish court has also ruled that four defendants in the case should be released outright, while 16 others were cleared of the aggravated fraud charge. The court's decision has raised questions about the fairness of the legal process and the potential for further appeals.

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