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The chief executive of a collapsed crypto exchange has reportedly been handed a staggering prison sentence of over 11,000 years.<\/p>\n
According to a new report<\/a> by Euronews, Faruk \u00d6zer, the CEO of Istanbul-based crypto exchange Thodex, has been given 11,196 years in jail for stealing $2 billion worth of crypto assets from customers.<\/p>\n Thodex suddenly went offline in April 2021, leaving 400,000 customers without access to their funds, while \u00d6zer fled Turkey. He was caught in Albania in 2022 after Interpol issued a red notice for him.<\/p>\n Interpol\u2019s red notice alleged that \u00d6zer had intent to scam his customers from the start and that Thodex was a criminal organization, according to the report.<\/p>\n \u00d6zer was found guilty of money laundering, fraud, and leading a criminal organization and was sentenced earlier this week. Two of his siblings were also given jail time, though no specifics were given.<\/p>\n Previously, it was found that \u00d6zer used<\/a> the popular meme asset Dogecoin (DOGE<\/a>) to entice traders into using Thodex by selling it for a quarter of its market price at the time. However, traders were unable to withdraw or transfer their DOGE after purchasing it.<\/p>\n At the time, Thodex issued a statement disputing the claims that hundreds of thousands of customers were missing $2 billion worth of funds.<\/p>\n \u201cThe allegations that [Thodex] lost about 391,000 people with a loss of about $2 billion, which was reflected to the public on April 22, 2021, are unfounded. <\/em><\/p>\n According to our preliminary findings, only about 30,000 of our nearly 700,000 users have a suspicious situation\u2026\u201d <\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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