Boss of Failed Crypto Exchange Gets 11,196-Year Sentence - The Wall Street Journal

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Boss of Failed Crypto Exchange Gets 11,196-Year Sentence

By

Angus Berwick

, Reporter

Faruk Fatih Özer, seen here in April, was sentenced Thursday. (Hakan Akgun/dia images/Getty Images)

The founder of a collapsed cryptocurrency exchange has been sentenced to more than 11 millennia in jail.

The 11,196-year sentence was handed down late Thursday by a panel of judges in Turkey to Faruk Fatih Özer, Turkey’s state-run Anadolu Agency reported. Özer was the founder of the Thodex exchange, which imploded in 2021. Other defendants sentenced Thursday included siblings of Özer.

Thodex’s users lost over $2 billion worth of cryptocurrency when it barred them from withdrawing funds, according to research firm Chainalysis.

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Boss of Failed Crypto Exchange Gets 11,196-Year Sentence - The Wall Street Journal
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