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Thodex cryptocurrency exchange’ officials will be sentenced to prison

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Thodex cryptocurrency exchange' officials will be sentenced to prison 8

Turkish prosecutor confirmed all the allegations and ordered 21 officials of the Thodex exchange to sentence in jail for 40,564 years. 

Turkey is a developing country in the world. However, the last few years were not good for the country’s sovereign fiat currency Lira but still, the country is trying its best to bring financial stability in the country by making better trade relations with neighbouring countries. When the country was facing unusual inflation, at that time many crypto companies attracted a huge user base, in return for the promise to save the savings against inflation.

Final phase hearing & decision took place in the case of the Thodex cryptocurrency exchange. Around a year later the exchange shut down and its Chief executive officer disappeared. For the loss of invested funds of users, 21 officials of the crypto exchange Thodex will face Jail punishment.

However, Thodex CEO Faruk Fatih Ozer was seen in CCTV footage at Istanbul airport, in April 2021. But the Turkish police and investigation department failed to locate or find clues about the Faruk Fatih. At present, he is on the red wanted list of Interpol. 

According to the report of Bloomberg, the Judicial department accused the defendants of creating a criminal organization, fraud, and money laundering. 

Crypto boom in Turkey & allegations on Thodex exchange  

When the cryptocurrencies trend was at a high level in Turkey then at the time Thodex cryptocurrency exchange contributed a vital role in providing crypto buy & sell services for Turkish users. 

But reportedly Thodex exchange’s CEO was involved in unfair and illegal activities with the use of the exchange. However, here all these allegations are part of reports and based on past reports available regarding this case but the Turkish government’s legal order to the Thodex CEO Faruk makes everything clear. 

The indictment confirmed that the exchange lost around 24 million dollars of their customers, however, crypto analytic platform Chainalysis reported that the exchange lost around $2.6 billion worth of crypto assets. 

In April of last year, Thodex’s CEO was ordered to repay the money to all customers of Thodex exchange and also ordered to return to Turkey. 

Read also: 11 companies will work together to bring Canada as Web3 adaptive

Thodex cryptocurrency exchange’ officials will be sentenced to prison

 

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