Turkish Cryptocurrency Founder Sentenced To 11,196 Jail Terms

A disgraced Turkish cryptocurrency founder, who had fled to Albania, along with his two brothers, has each received a staggering sentence of 11,196 years in jail, as reported by the Anadolu state news agency on Friday.

Faruk Fatih Ozer, 29, the former head of Thodex, faced charges of money laundering, fraud, and establishing a criminal organization, for which prosecutors initially sought a 40,562-year prison term.

During the trial, Ozer was quoted by Anadolu as saying, “If I were to establish a criminal organization, I would not have acted so amateurishly.”

Following a brief trial, the same sentence was handed down to his two brothers, Serap and Guven, according to Turkish media reports.

Turkey has gained notoriety for issuing extremely long prison sentences, particularly since the country abolished the death penalty in 2004 as part of its efforts to join the European Union.

Ozer had initially been reported to have fled Turkey in April 2021, allegedly taking with him $2 billion in investor assets; however, this figure has been a subject of dispute.

Prosecutors alleged that Ozer had transferred 250 million liras in user assets (equivalent to about $30 million at the time) to three secret accounts before his departure in April 2021, with a significant portion of the funds ultimately ending up in a Maltese bank.

The indictment stated that the Ozer brothers had caused 356 million liras in damages to their clients.

This case garnered significant local attention as it unfolded amidst a Turkish cryptocurrency boom that has since diminished due to increased government regulation. Turks had turned to various cryptocurrencies as a safeguard against the substantial decline in the value of the lira, which had been ongoing for over two years.

Ozer’s notoriety increased further after being photographed meeting with ultranationalist pro-government figures. He was arrested in Albania last year based on an international arrest warrant issued by Interpol.