The once-celebrated bitcoin tycoon turned convicted fraudster, Faruk Fatih Ozer, the leader of the fell Turkey-based crypto change Thodex, has secured a partial legitimate success.
On Thursday, the Istanbul 22nd Regional Court of Justice ruled to keep Ozer’s detention on fraud claims. But it dropped claims of organized crime, according to Ozer’s lawyer, Sevgi Eraslan’s press speech.
Ozer, who was sentenced to 11, 196 years in prison in September 2023 for allegedly defrauding over 400, 000 traders out of$ 2 billion, remains behind bars despite the limited decision in his favor.
While Ozer remains in jail, his constitutional group vows to push for more mercy. The declaration reads,” We will use all legal means to maintain a fair test method.”
Erasalan described the judge’s decision as a presentation of the criminal system’s growing nature, noting each judicial charge must be evaluated “independently” rather than grouped together.
The speech states that” the presumption of innocence is one of the foundation of a democratic state governed by the rule of law.” ” No man can be found criminal before the court makes a final judgment,” the statement goes.
The declaration also criticised media narratives and public view, arguing that” comments and prejudices made before the test process is finished not just undermine confidence in the judiciary but also hurt the basic rights of individuals.”
A$ 2 Billion Crypto Scandal That Shook Turkey
Ozer’s climb and severe fall is a tale that continues to haunt Turkey’s bitcoin space.
Founded in 2017, Thodex fast became one of the country’s largest markets. At its peak, it was processing more than$ 1 billion in daily trading volume.
But on April 20, 2021, the crypto change immediately halted investing, locking 391, 000 merchants out of their records.
As reports that Ozer had fled Turkey caused a pang of despair, an Interpol Red Notice was issued.
Later, researchers discovered that Ozer had fled Turkey and was suspected of smuggling a equipment wallet with$ 2 billion in bitcoin.
Eventually, he claimed to have dumped it to pay off the victims before diving it into the Ionian Sea, a state that is still unsubstantiated.
After a 16-month chase, officials arrested Ozer in Vlora, Albania, in August 2022.
By April 2023, he was extradited to Turkey and charged with fraud, money fraud, and operating a legal business.
In September 2023, Ozer and his sisters, Serap and Güven, were handed one of the longest jail sentences in Turkey’s criminal history—11, 196 times each.
While initial reports pegged investor losses at$ 2 billion, the prosecutor’s indictment later revised the figure to$ 43 million ( 356 million lira ) at the time, now worth about$ 13 million due to inflation.
He also denied crime, insisting that he had just mismanaged the exchange—not consciously defrauded owners.
Ozer’s jail sentence will come to an end in the year 211-221, but the Thodex controversy is still a long way off.
Daily Debrief Newsletter
Start every day with the best news stories right now, plus unique characteristics, a audio, video and more.