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Thodex CEO's Conviction Update: Partial Clemency Granted

Thodex CEO's Conviction Update: Partial Clemency Granted

Cryptocurrency News

A Turkish court recently issued a revised ruling in the case of Thodex CEO Faruk Fatih Özer and his brothers. While the court overturned their conviction for creating a criminal organization, they remain imprisoned on other charges. This partial clemency impacts 16 defendants, with only 4 receiving complete acquittals.

Thodex Rug Pull and Aftermath

Faruk Fatih Özer, along with his brothers Güven and Serap, orchestrated one of the largest crypto rug pulls in history, allegedly stealing approximately $2 billion in cryptocurrency. After his brothers' arrest, Özer remained at large until his 2022 apprehension in Albania and subsequent extradition to Turkey. The original sentencing included 11,196 years in prison for charges including aggravated fraud and money laundering.

The initial indictment sought sentences of up to 40,000 years for Özer and 20 other Thodex employees. While the recent appeal resulted in the dismissal of the organized crime charge for 16 defendants, the Özer brothers remain in custody. Their legal team is pushing for a retrial, citing media influence on the initial sentencing. Interestingly, the current indictment claims a stolen amount of $7 million, significantly less than initially reported.

Ongoing Legal Battle and Implications

The legal battle continues, with the Özer brothers facing ongoing charges. While some lesser charges carry sentences ranging from 6-18 years, their long-term imprisonment remains highly probable. The case highlights the risks associated with unregulated crypto exchanges and underscores the need for robust security measures and due diligence. At Codeum, we offer comprehensive solutions to enhance the security of blockchain projects. Our services include:

  • Smart contract audits
  • KYC verification
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  • Partnerships with launchpads and crypto agencies

This ongoing situation serves as a reminder of the importance of thorough due diligence before investing in any cryptocurrency exchange. Staying informed about such events is crucial for navigating the complexities of the blockchain ecosystem.

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