This Crypto CEO got Jailed for More than 10,000 Years…Here’s Why!

Why did Thodex Crash?
Thodex, established as one of Turkey’s prominent crypto exchanges, met its downfall when it abruptly went offline in April 2021. This left over 400,000 members without access to their digital assets, a total amounting to $2 billion. The dramatic collapse of Thodex resonated widely in Turkey, a nation where cryptocurrency had become a refuge for many against the backdrop of soaring inflation and the plummeting lira.
Trial and Sentencing
Upon extradition to Turkey, Özer, alongside his two siblings, faced trial in Istanbul. They were charged with leading a criminal organization, money laundering, and massive fraud. Despite Özer’s defence and claims about his genuine intentions behind establishing Thodex, the court delivered its historic verdict. Notably, Turkish courts are known for meting out such extraordinary jail terms. Past examples include cult leader Adnan Oktar’s 8,600-year sentence and Fethullah Gülen’s 1,900-year sentence.
Thodex Crash: Financial Ramifications
While initial reports speculated that Özer had fled with assets nearing $2 billion, the prosecution estimated the losses to Thodex investors at a then-equivalent of $43 million. Due to Turkey’s economic challenges, including the lira’s freefall and sharp inflation, the same sum is currently valued at approximately $13 million.