Crypto Exchange Founder Receives Record-Breaking 11,000-Year Prison Term for Fraud

Faruk Fatih Ozer, the founder of Thodex, a crypto exchange that collapsed in 2021, has been sentenced to 11,196 years in prison by a Turkish court for crimes including fraud. Ozer, along with his two siblings, was found guilty of aggravated fraud, leading a criminal organization, and money laundering. The total amount of losses suffered by investors remains unclear, with estimates ranging from $13 million to $2 billion. Ozer, who fled to Albania after Thodex's collapse, appeared unrepentant during his final hearing. He was extradited to Turkey earlier this year.