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## Thodexs Creator Receives a Reprieve, Yet Remains Liable for Enormous Crypto Fraud
The narrative of Thodex, the defunct Turkish crypto trading platform, shifts once more. Although founder Faruk Fatih Özer received a minor concession, he is far from absolved of culpability for what’s regarded as one of the most extensive crypto swindles ever.
An Istanbul-based regional tribunal dismissed the accusation of “managing a criminal enterprise” against Özer. Nevertheless, he is still very much accountable for deception and financial malfeasance.
Özer stands accused of defrauding over 400,000 participants of a staggering $2 billion. He is presently serving a term that initially amounted to over 11,190 years – indeed, you interpreted that correctly! The appeals court’s determination implies he will not be incarcerated specifically for organized crime, and certain facets of the case will be reevaluated by a subordinate court.
Notwithstanding this minor triumph, the tribunal decreed that Özer will remain incarcerated for his other offenses.
**The Thodex Collapse**
Thodex unexpectedly ceased operations in April 2021, preventing users from accessing their assets. Özer disappeared, eventually surfacing in Albania. He was apprehended in 2022 and repatriated to Turkey in 2023.
His legal counsel is presently endeavoring to secure a reduced sentence for him, contending that the initial penalty was excessive.
Özer initially asserted he was pursuing foreign capital to rescue the exchange. Subsequently, he revised his account, attributing the loss of funds to a cyberattack. His disappearance triggered a massive inquiry, an international search, and demonstrations by irate investors who were apprehensive they had forfeited everything.
At its zenith, Thodex was among Turkey’s most substantial crypto exchanges, showcasing over 400,000 users and a daily trading volume of approximately $585 million. Toncoin (TON) Value Forecast for March 26th
