This Former Crypto CEO Is Facing A 40,000-Year Sentence In Jail

Faruk Fatih Özar, the former CEO of Turkish cryptocurrency exchange Thodex, disappeared in April after blocking user activity on the platform. The company’s subsequent downfall resulted in losses ranging from $24 million to $2.6 billion. In addition, Özar, along with 21 other high-ranking Thodex executives, was reportedly facing an indictment that “sought penalties of up to 40,564 years for each of the defendants” roughly a year after departing the country.

Özar was just spotted, and Albanian authorities have detained the discredited executive. According to sources, he is currently facing deportation to Turkey.

Özar made a statement from an unknown location around the time of his disappearance last April, stating that he would return to Turkey on the day he paid off all of his debt. According to reports, Thodex’s unexpected withdrawal freeze contributed almost 90% of the overall value lost via rug pulls in 2021.

According to local reports, at the time of Thodex’s suspension, the platform was used by around 400,000 people, and zar escaped to Albania on April 20, 2021. It took nearly a year for the company and its owners to face criminal charges, demonstrating how difficult it may be to prosecute someone for a crypto-related crime.

The lack of legal basis for rug-pulling and the evidence required to prove that the action occurred has made it difficult to punish early offenders. As a result, many celebrity NFT rug pulls will be swept under the rug, so to speak.

However, it remains to be seen whether Özar will be extradited to Turkey.

According to United Nation Laws, “extradition may be granted only when provided for by international treaties in which [Albania] is a party, and extradition shall be granted when [Albanian and foreign law] provides for the criminal act, which [meets] the extradition request.”

Since Albania is a member of INTERPOL, and the formation of a criminal organization, fraud, and money laundering are all criminal offenses, it appears likely that Özar will be sent back to pay for his crimes.

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