Former Turkish crypto boss faces up to 40,400 years in prison for fraud

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Faruk Fatih zer, the founder and CEO of collapsed cryptocurrency exchange Thodex, faces up to 40,462 years in prison in Trkiye for fraud and money laundering.

The hearing before the 9th Anatolian High Criminal Court in Istanbul on Tuesday brought together five detained defendants, including zer, as well as some of the plaintiffs and the parties’ lawyers.

Prosecutors have requested a prison sentence of zer from 12,142 to 40,462 years for “forming an organization for the purpose of committing a crime”, “fraud using information systems, banks or credit institutions as tools” and “laundering of the assets of traders or companies managing and managing cooperatives resulting from fraud and crime.

Wanted on red notice, zer was apprehended in Albania on August 30, 2022.

zer, 27, fled Trkiye last year and blocked investors from accessing their funds.

Trkiye has issued an international arrest warrant after he apparently fled the country with at least $2 billion worth of cryptocurrency stolen from Thodex.

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