Former Turkish crypto CEO Faruk Fatih Özer of Thodex has been sentenced to prison for over 11,000 years.
Believe it or not, this is apparently lenient as prosecutors had allegedly requested a sentence of 40,562 years. Though when you’re talking about a sentence longer than recorded history, it probably doesn’t much matter if it’s 11 or 40 thousand.
Thodex, a Turkey based crypto exchange went offline in April 2021. With its closure, over 400,000 users lost a combined $2 billion in assets that were now firmly in the control of Özer.
Özer was reportedly arrested in Albania in 2022 and his sentencing was just handed down earlier this month.
Cryptocurrencies, NFTs, and other attempted financial technologies have been at the center of controversies in recent years. These range from Crypto CEOs such as Sam Bankman-Fried running off with money in a similar case, to NFTs being equated to “pump and dump” schemes.