A Turkish court overturned a previous verdict that Thodex CEO Faruk Fatih Özer and his two brothers were guilty of creating a criminal organization. The court overturned guilty verdicts for 16 defendants, but only 4 of them were completely acquitted and released.

Faruk and the Özer brothers were sentenced to 11,196 years for charges like aggravated fraud and money laundering in addition to this organized crime charge. They will remain in prison, although they demand a retrial.

Faruk Özer’s Thodex Rug Pull

Faruk Fatih Özer founded the exchange Thodex with his brothers Güven and Serap, and they committed one of the biggest rug pulls in crypto history. Together, they reportedly stole around $2 billion in crypto, and Faruk remained at large after his brothers’ arrest.

However, in 2022, he was caught in Albania and later extradited to Turkey.

This monumental theft impacted hundreds of thousands of users and damaged the industry’s broader reputation, so prosecutors tried to throw the book at these brothers. They tried to give Faruk and 20 other Thodex employees sentences of up to 40,000 years.

These men were found guilty, and the former CEO was sentenced to 11,196 years. However, this sentencing didn’t end the legal battle.

According to local media, an appeal launch

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Author: Landon Manning

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