Turkey is seeking a sentence of 40,000 years in prison for the crypto CEO, according to officials

About a year after the Istanbul-based Thodex cryptocurrency exchange was shut down and its CEO vanished, a Turkish prosecutor recommended for jail sentences of up to 40,564 years for 21 officials.

Turkey wants 40,000-year jail sentences for crypto CEO, officials
Thodex CEO Image source Unknown

Faruk Fatih Ozer, the company's CEO, was spotted in footage at Istanbul Airport in April. Interpol claims Turkish police have been unable to locate him, despite the fact that he is sought on a red notice.

According to Bloomberg News, the indictment charges the defendants of conspiring to form a criminal enterprise, as well as fraud and money laundering.

Thodex was part of a cryptocurrency boom in Turkey that drew in investors looking to hedge against inflation and a failing currency.

Total losses at the exchange were estimated to be around $24 million in the indictment, while a research released in February by Chainalysis put the figure at $2.6 billion.

According to the report, Ozer declared in a statement published in April from an undisclosed location that he would reimburse investors and return to Turkey.

According to The Block, Turkish authorities detained 62 persons during the initial inquiry last year. According to Turkish police, Ozer is believed to have gone to Tirana, Albania.