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Faruk Fetih Özer – Founding father of the defunct Turkish cryptocurrency alternate Thodex – has reportedly denied all fraud accusations towards him throughout a courtroom look in his homeland. The 29-year-old allegedly fled Turkey shortly after his entity halted buying and selling companies and shut down its official web site.
Rumors indicated that he pocketed over $2 billion in customers’ funds, which was labeled as the most important crypto rip-off within the nation’s historical past. Özer was detained in Albania final summer time and later deported to Turkey, the place a authorized course of will decide whether or not he had a hand within the collapse and his doable jail sentence.
‘I Was Framed’
In accordance with one of many main Turkish media shops – Sabah, the trial towards Özer began with a listening to that lasted round 11 hours. The person claimed the accusations that he defrauded quite a few Thodex clients and drained their belongings have been false, including he “was framed.”
He revealed that the preliminary function of his firm was to interact in e-commerce. At a later stage, although, Özer acquired intrigued by cryptocurrencies and determined to shift the agency in that route.
“I began cellular transactions with the software program builders I added to my crew. My complete life grew to become intertwined with the digital world so as to set up a cryptocurrency alternate,” he added.
Faruk Özer (within the center), Supply: BBC
One more reason why Thodex delved into the digital asset universe was the truth that Turkey lacked correct crypto corporations in 2017, Özer defined.
In accordance with him, the corporate’s transactions have been carried out robotically, whereas he was the “approved” particular person to oversee that exercise:
“I personally checked the transaction made on the corporate platform to the banks each week within the type of an Excel spreadsheet. I used to be the one one doing this to make sure there have been no safety holes.”
Özer maintained that a few of his staff, together with two of his siblings, have been “unlawfully” imprisoned.
He added that upon signing an preliminary membership settlement, he had acknowledged he shouldn’t be held answerable for any harm that may happen sooner or later. Özer stated the purchasers who used the corporate’s companies have been conscious of that danger.
Thodex’s Demise and Özer’s Consecutive Journey
The Turkey-based crypto alternate ceased buying and selling companies within the spring of 2021 (4 years after its founding). The information shocked the 400,000 clients of the agency, leaving them with out the choice to withdraw their funds. On high of that, CEO Özer was reluctant to resolve the problem and didn’t cooperate with the home authorities.
As an alternative, he escaped the nation and reportedly pocketed greater than $2 billion of customers’ cash. His whereabouts remained unclear for greater than a yr, with some sources hinting he could possibly be hiding in Albania. The fugitive was arrested within the Balkan nation in August 2022, whereas the Turkish authorities insisted on his extradition and began getting ready the authorized course of towards him.
If discovered responsible, Özer could possibly be slammed with the ridiculous sentence of over 40,000 years in jail.
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