Turkish prosecutors are seeking a prison sentence of up to 11,462 years in a new indictment against Faruk Fatih Özer, the former CEO of collapsed cryptocurrency exchange Thodex, for crimes including fraud, the state-run Anadolu news agency reported.
Özer, 30, was already handed down an 11,196-year sentence years by a high criminal court in İstanbul in September.
He was extradited from Albania to Turkey in April, stood trial on charges of managing a criminal organization, aggravated fraud and money laundering, of which he was convicted.
The new indictment was drafted by the Anadolu Chief Public Prosecutor’s Office based on the complaints of 572 victims. There are 21 suspects in the new indictment including Özer.
Özer and six other suspects are charged with running a criminal organization, while 13 others are charged with membership in a criminal organization. They also face charges of money laundering and fraud.
According to a report from Turkey’s Financial Crimes Investigation Board (MASAK), the complainants suffered a financial loss of TL 94 million ($3.1 million)
Thodex, established in 2017, abruptly halted operations in 2021, leaving 2,027 customers with losses, according to the indictment. Özer had disappeared following the collapse of the platform but was arrested in Albania in August 2022 after Turkey had an INTERPOL Red Notice issued for him. In early April Albania’s top court ruled for his extradition, ending his legal battle against deportation.
The total losses incurred by investors when Thodex imploded are still unclear. The prosecutor’s initial indictment estimated the losses to be around $24 million, but the Turkish media have reported figures as high as $2 billion. According to Chainalysis, the value of cryptocurrency lost at Thodex earlier this year was $2.6 billion, making it the largest “rug pull” of 2021.