Turkish prosecutors are asking the courts to jail suspected cryptocurrency fraudsters in the country for thousands of years, according to available information.

According to reports From local media, the suspects are part of those involved in the $108 million scams involving crypto exchange Thodex. The main suspect in the case, Faruk Fatih Özer, founder and CEO of Thodex, is currently at large and declared wanted.

The CEO of Thodex Crypto Exchange is on the run

Last year we reported that Thodex informed users that it would be taken offline for 4-5 days due to a sale process. The platform, which handles millions of dollars in transactions daily, was once one of the top crypto platforms in the country.

Users raised concerns on Twitter when they were unable to access their accounts or withdraw their funds, prompting police raids across the country. As a result, there were allegations that about $2 billion of investors’ money was lost. At that time, some 62 people were arrested and detained during the investigation process.

At the time, Özer claimed that he only traveled to discuss deals with foreign investors and would return to Turkey soon. But prosecutors alleged that he fled to Albania and issued a red notice for his arrest through Interpol.

But it seems that efforts to arrest him continue to be unsuccessful as he is still at large. However, the Albanian authorities have arrested some people who allegedly harbored the intellectual author of the crime.

Prosecutors continue the case

Although the main suspect has not yet been found, prosecutors continue with the charges. The charges include the fraudulent use of information systems, the founding of a criminal organization and the use of banking or credit information systems as a tool.

If found, Ozer could face a jail term of 40,564 years upon indictment. While Chainalysis estimated that around $2 billion was lost, the indictment revealed that the total loss due to the collapse of the exchange is $24 million (356 million lira).

Scams, hacks and the crypto industry

While Thodex was just one of several crypto scams that occurred in the past year, the industry has seen several scams and attacks this year as well.

Recently, Ronin revealed that he was hacked for more than $600 million. Other than that, the space has recorded a number of mind-boggling feats in recent weeks.

The prevalence of these harmful activities has continued to hinder the adoption of the crypto space and has led to more calls for regulation of the industry.

Thus, with the recent series of arrests and the prosecution of space crime masterminds, investors would have more confidence in space as they believe their investments are protected by law, increasing investor confidence and improving adoption.

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This post Turkey wants crypto scammer jailed for life

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