Thodex Founder Granted Partial Release in $2 Billion Crypto Fraud Case
Faruk Fatih Ozer, founder of the collapsed Turkish crypto exchange Thodex, has achieved a partial legal success as a court dropped allegations of organized crime, although he remains detained on fraud charges. Sentenced to over 11,000 years in prison for defrauding around 400,000 investors of $2 billion, Ozer's legal team plans to seek further leniency. The defense emphasizes the presumption of innocence, advocating for an independent assessment of legal charges. Thodex, which was active since 2017 and handled daily trades exceeding $1 billion, abruptly ceased operations in April 2021, triggering panic among its users as Ozer fled Turkey. Authorities later apprehended him in 2022 after a lengthy search. While initially assessed losses stood at $2 billion, figures were later adjusted to reflect $43 million due to economic changes. Ozer maintains his actions were not criminal but mismanagement of the exchange.
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