farooqui Fatih Zer, a cryptocurrency exchange based outside the founder turkeyHe has been captured by Turkish authorities and could face a prison sentence of more than 40,000 years, according to a report by Digital Trends.
According to the report, Farooq Fatih Ozar founded Turkey crypto The exchange called Thodex in 2017 and was on the run from authorities for more than a year after fleeing with $2 billion. The actual sentence could be “as high as 40,564 years”.
Thodex reportedly has 700,000 users at its peak. According to the report, there are many in Turkey who invest in crypto exchanges due to the steady decline in the country’s native currency over the past years. That would have helped thodax. But Thodex ran into trouble only a few years after it came into existence.
“In April 2021, Thodex abruptly halted all trading, claiming that an outside investment forced it to halt its operations for five days. Trading that took place had to be halted completely. Despite the promise that customer funds would be safe for some 400,000 users, this simply did not happen. Users lost access to their accounts, and later, their funds.”, in the report. Having said.
Turkish police managed to detain several employees of the company but Farouk managed to escape and fled to Albania. He is accused of “withdrawing $2 billion from the funds of the company’s investors and clients.” About a year later, he was caught in the Albanian city of Vlore and his identity was confirmed through biometric verification. He now awaits trial in Turkey along with other Thodex officials.
According to the report, Farooq Fatih Ozar founded Turkey crypto The exchange called Thodex in 2017 and was on the run from authorities for more than a year after fleeing with $2 billion. The actual sentence could be “as high as 40,564 years”.
Thodex reportedly has 700,000 users at its peak. According to the report, there are many in Turkey who invest in crypto exchanges due to the steady decline in the country’s native currency over the past years. That would have helped thodax. But Thodex ran into trouble only a few years after it came into existence.
“In April 2021, Thodex abruptly halted all trading, claiming that an outside investment forced it to halt its operations for five days. Trading that took place had to be halted completely. Despite the promise that customer funds would be safe for some 400,000 users, this simply did not happen. Users lost access to their accounts, and later, their funds.”, in the report. Having said.
Turkish police managed to detain several employees of the company but Farouk managed to escape and fled to Albania. He is accused of “withdrawing $2 billion from the funds of the company’s investors and clients.” About a year later, he was caught in the Albanian city of Vlore and his identity was confirmed through biometric verification. He now awaits trial in Turkey along with other Thodex officials.