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Amsterdam
29 March 2024
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Turkish court asks for 40,000 years in prison for defendants of cryptocurrency exchange Thodex

The Istanbul Prosecutor’s Office in Turkey is seeking more than 40,000 years in prison for 21 defendants in the 356 million Turkish Lira (about US$24 million) scam carried out through the Thodex cryptocurrency exchange. About a year ago, the company’s website went down and its founder disappeared, becoming part of Interpol’s red broadcast.

According to the Demiroren News Agency, prosecutors are asking for 40,564 years for each of the 21 defendants, including 28-year-old CEO Faruk Fatih Ozer, who has been missing since last year, says a Bloomberg publication last Thursday. 31).

Thodex, which has been operating from Istanbul since 2017, attracted thousands of Turks looking to protect their economies from rampant inflation and a shaky Turkish lira.

A promotion in March of last year increased the volume of customers even more. Like the cryptocurrency meme dogecoin frenzy, the exchange ran a marketing campaign, rewarding each new sign-up with 150 DOGE.

At the time of the incident, reports indicated that the exchange had 391,000 users who were left without access to funds and panicked.

Through a note in April 2021, Ozer, who deleted his social media accounts, promised to reimburse investors and return to Turkey to face the charges.

Defendants are charged with criminal organization, wire fraud and money laundering.

Damage to Thodex customers could be much greater

A report by Chainalysis on the case revealed a figure much higher than advertised. According to the company, the leak may have been around $2.6 billion.

To give you an idea of ​​the impact, with that number, the Thodex strike represents about 90% of all rug pulls (or rug pulls) in 2021

News Source

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