Reports suggest that Faruk Fetih Özer, the founder of the now-defunct Turkish cryptocurrency exchange Thodex, has refuted all allegations of fraud against him during a court appearance in his home country. Following the cessation of trading services and the closure of the exchange’s official website, the 29-year-old is said to have fled Turkey.
Speculations emerged, claiming that he embezzled more than $2 billion belonging to users, marking it as the largest cryptocurrency scam in Turkey’s history. Özer was apprehended in Albania last year and subsequently extradited to Turkey, where the legal process will determine his involvement in the collapse and the potential prison sentence he might face.
As reported by Sabah, one of the prominent Turkish media outlets, the trial against Faruk Fetih Özer commenced with a marathon 11-hour hearing. Özer vehemently denied the allegations of defrauding numerous Thodex customers and depleting their assets, asserting that he had been framed.
Özer disclosed that the original intention behind his company was to venture into e-commerce. However, his interest in cryptocurrencies grew over time, leading him to redirect the company’s focus towards that domain.
“I started mobile transactions with the software developers I added to my team. My entire life became intertwined with the digital world in order to establish a cryptocurrency exchange,”
If found guilty, Özer could be slammed with the ridiculous sentence of over 40,000 years in jail.