The founder and former CEO of Thodex, Faruk Fatih Özer, has been handed a prison sentence of seven months and 15 days in Türkey.
Özer, who was detained three months ago and subsequently deported from Albania, was charged with failing to submit requested documents during his trial.
Thodex, once a prominent crypto exchange in Türkiye, abruptly shut down, leaving investors with approximately $2 billion in lost cryptocurrencies.
Özer vehemently denied any wrongdoing throughout the trial, asserting that he was not Thodex’s official at the time and therefore unable to produce the requested books.
He claimed that a trustee had been appointed to oversee the company in his absence. Nonetheless, Özer failed to provide the necessary documents to the Tax Inspection Board, which resulted in his conviction.
Initially facing a potential five-year prison term for “smuggling” under the Tax Procedure Law, Özer was ultimately sentenced to one year and six months.
However, his sentence was subsequently reduced due to considerations of his social relations and conduct during the trial.
Despite these developments, Özer’s legal battles are far from over, as he still faces accusations of defrauding Thodex investors, awaiting a hearing to address these allegations.
The entrepreneur firmly maintains his innocence and alleges that he has been framed by the defendants.