Turkey Seeks 40,000-year Jail Sentences For Thodex Crypto Exchange CEO and 21 Officials

A prosecutor in Turkey has requested jail sentences of up to 40,564 years for 21 officials of the Istanbul-based Thodex cryptocurrency exchange, almost a year after it was shut down and its CEO disappeared.

CEO Faruk Fatih Ozer, 28, was spotted in airport footage last April. Turkish police have not been able to locate him, despite the fact that he is wanted under a red notice, according to Interpol.

According to Bloomberg News, the accusation charges the defendants with creating a criminal organization, committing fraud, and laundering money. Thodex was a part of the Turkish cryptocurrency bubble, which drew investors looking to secure their money from inflation and a falling currency.

According to the accusation, total losses at the exchange were around $24 million, whereas a February investigation by Chainalysis estimated losses at $2.6 billion. Ozer stated in a statement published last April from an unknown location that he would repay investors and return to Turkey. Turkish authorities detained 62 individuals in the initial investigation last year. According to Turkish authorities, Ozer fled to Tirana, Albania.

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