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Sentenced to 11,000 Years in Prison, Former Exchange Boss Ends Life in Cell
Former CEO of the Thodex crypto exchange, Faruk Fatih Ozer, was found dead in a prison cell in Tekirdag, Turkey. The news was first reported by the Turkish national media, TRT, on Saturday (01/11) local time.
Authorities are currently conducting an investigation, and one initial suspicion points to a possible suicide. Ozer had previously been sentenced to a staggering 11,196 years in prison for fraud and crimes related to crypto assets.
Ozer, who is only a high school graduate and founded Thodex in 2017, fled to Albania after the platform collapsed in 2021. After legal proceedings in Albania, he was eventually extradited to Turkey in 2022 to stand trial.
Investor losses when Thodex collapsed were estimated by prosecutors to be around US$24 million, but several Turkish media outlets stated that the figure could reach US$2 billion. Moreover, the blockchain analysis firm Chainalysis estimated that the total user funds that disappeared amounted to US$2.6 billion.