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In Turkey, Thodex crypto exchange employees risk 40,564 years in jail

In Turkey, Thodex crypto exchange employees risk 40,564 years in jail

They are accused of creating a criminal organization and using information systems fraudulently. 

According to a local website, Thodex customers sued the company for fraud allegations. The claimants' lawyer argued that the company's management may have stolen hundreds of millions of dollars. Trading on the platform was suspended on April 21 of last year. Initially, the website reported that the crypto exchange would re-open in five days, and later the Thodex website stopped working.

The founder and CEO of the company, 28-year-old Fatih Ozer, fled the country.  He was last seen at Istanbul airport in April 2021: the businessman was on his way to Albania. Later, he promised to pay back the money to investors and return to Turkey to face trial. 

The investigation, which lasted for a long time, concluded the commission of the fraud. Each crypto exchange employee faces up to 40.5 thousand years in prison. Total losses due to the collapse of the exchange amounted to 356 million liras ($24 million).

Video: CEO of cryptocurrency exchange Fatih Ozer fleeing.

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