ScamsNOW!
The SCARS Institute Magazine about Scam Victims-Survivors, Scams, Fraud & Cybercrime
Criminal Cryptocurrency Boss Jailed For 11,196 Years In Turkey For Fraud
By SCARS Editorial Team, portions BBC
Criminal Boss of Failed Crypto Exchange Gets 11,000-Year Sentence
The Outcome
The Thodex cryptocurrency boss is Faruk Fatih Özer. He was sentenced to 11,196 years in prison by a Turkish court on charges of “establishing, managing and being a member of an organization,” “qualified fraud,” and “laundering of property values.”
Özer founded Thodex cryptocurrency exchange in 2017 and it quickly became one of the largest cryptocurrency exchanges in Turkey. In April 2021, Thodex abruptly halted withdrawals and Özer fled the country, allegedly with millions of dollars in cryptocurrency belonging to users.
Özer was arrested in Albania in August 2022 and extradited to Turkey in April 2023. He was found guilty of the charges against him and sentenced to 11,196 years in prison.
According to the BBC:
Faruk Fatih Ozer, 29, fled to Albania in 2021 with investor assets after his Thodex cryptocurrency exchange suddenly collapsed.
He was extradited back to Turkey in June and found guilty of money-laundering, fraud and organised crime.
Ozer told the court he would “not have acted so amateurishly” if his intent was criminal, state media reported.
“I am smart enough to lead any institution on Earth,” the Anadolu agency quoted him as saying.
“That is evident in this company I established at the age of 22.”
The brief trial in Istanbul also found his sister Serap and brother Guven guilty of the same charges.
Turkish news agencies said that the defendants were sentenced separately for multiple crimes against 2,027 victims, leading to the total number of years in the judgement.
Such extraordinary prison sentences are common in Turkey since the abolition of the death penalty in 2004.
About The Theodex Cryptocurrency Exchange
Thodex was a cryptocurrency exchange founded in 2017 by Faruk Fatih Özer. It quickly became one of the largest cryptocurrency exchanges in Turkey, with over 400,000 users.
In April 2021, Thodex abruptly halted withdrawals and Özer fled the country, allegedly with millions of dollars in cryptocurrency belonging to users. The Turkish government launched an investigation into the matter and froze Thodex’s assets.
Özer was arrested in Albania in August 2022 and extradited to Turkey in April 2023. He was found guilty of the charges against him and sentenced to 11,196 years in prison.
About Faruk Fatih Özer – Cryptocurrency Wizard?
- He was born in 1994 in Kocaeli, Turkey.
- He dropped out of high school and started his own business at the age of 16.
- He founded Thodex in 2017.
- He is a self-described “financial & cryptocurrency whizz.”
- He is a friend of several prominent Turkish politicians.
- He is married and has two children.
- He is currently in prison in Turkey.
The Criminal Case
Özer has denied the charges against him and has said that he will appeal the verdict. However, the evidence against him is strong and it is unlikely that he will be able to avoid a long prison sentence.
Lessons Learned
The lessons that can be learned from the Thodex cryptocurrency scandal:
- Do your research before investing in any cryptocurrency exchange.
- Only invest money that you can afford to lose.
- Be wary of any exchange that offers unrealistic returns.
- Be suspicious of any exchange that is not regulated by a government agency.
- If you think you have been scammed, report it to the authorities immediately.
The Thodex scandal was a major blow to the Turkish cryptocurrency industry and it has raised concerns about the regulation of cryptocurrency exchanges in the country.
The Thodex scandal is a reminder that the cryptocurrency industry is still in its early stages and that there is a risk of fraud and scams. Investors should be careful when investing in cryptocurrencies and should only do so with money that they can afford to lose.
-/ 30 /-
What do you think about this?
Please share your thoughts in a comment below!
More ScamsNOW.com Articles
-/ 30 /-
What do you think about this?
Please share your thoughts in a comment above!
SCARS LINKS: AgainstScams.org RomanceScamsNOW.com ContraEstafas.org ScammerPhotos.com Anyscam.com ScamsNOW.com
reporting.AgainstScams.org support.AgainstScams.org membership.AgainstScams.org donate.AgainstScams.org shop.AgainstScams.org
youtube.AgainstScams.org linkedin.AgainstScams.org facebook.AgainstScams.org
ARTICLE RATING
TABLE OF CONTENTS
- Criminal Boss of Failed Crypto Exchange Gets 11,000-Year Sentence
- The Outcome
- According to the BBC:
- About The Theodex Cryptocurrency Exchange
- About Faruk Fatih Özer – Cryptocurrency Wizard?
- The Criminal Case
- Lessons Learned
- Important Information for New Scam Victims
- Statement About Victim Blaming
- SCARS INSTITUTE RESOURCES:
- Psychology Disclaimer:
- More ScamsNOW.com Articles
- A Question of Trust
- SCARS Institute™ ScamsNOW Magazine
Society of Citizens Against Relationship Scams Inc. [SCARS]
META
CATEGORIES
MOST POPULAR COMMENTED ARTICLES
POPULAR ARTICLES
U.S. & Canada Suicide Lifeline 988
WHAT PEOPLE ARE TALKING ABOUT
LATEST SITE COMMENTS
See Comments for this Article at the Bottom of the Page
on Words & Text Manipulation – The Secret Manipulation Technique Even Scammers Don’t Know About But Use – 2025: “This was triggering for me. It completely explains how my scam played out, with each step, including the final message.…” Jun 9, 23:18
on Toxic Self-Narratives That Feeds Depression in Scam Victims 2023: “Very informative article on negative self talk. I ran into this subject back in February. I had called the company…” Jun 9, 19:29
on Salience-Driven Attentional Capture and Sustained Elaboration – That Aha-Moment Scam Victims Experience – 2025: “The last chat made it clear to me: I was cheated. Shock.From then on, all my thoughts were directed to…” May 30, 08:25
Important Information for New Scam Victims
Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
SCARS Institute now offers a free recovery program at www.SCARSeducation.org
Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors, please visit counseling.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and not to blame themselves, better develop recovery programs, and help victims avoid scams in the future. At times, this may sound like blaming the victim, but it does not blame scam victims; we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens, and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
SCARS INSTITUTE RESOURCES:
IF YOU HAVE BEEN VICTIMIZED BY A SCAM OR CYBERCRIME
♦ If you are a victim of scams, go to www.ScamVictimsSupport.org for real knowledge and help
♦ Enroll in SCARS Scam Survivor’s School now at www.SCARSeducation.org
♦ To report criminals, visit https://reporting.AgainstScams.org – we will NEVER give your data to money recovery companies like some do!
♦ Follow us and find our podcasts, webinars, and helpful videos on YouTube: https://www.youtube.com/@RomancescamsNowcom
♦ Learn about the Psychology of Scams at www.ScamPsychology.org
♦ Dig deeper into the reality of scams, fraud, and cybercrime at www.ScamsNOW.com and www.RomanceScamsNOW.com
♦ Scam Survivor’s Stories: www.ScamSurvivorStories.org
♦ For Scam Victim Advocates visit www.ScamVictimsAdvocates.org
♦ See more scammer photos on www.ScammerPhotos.com
You can also find the SCARS Institute on Facebook, Instagram, X, LinkedIn, and TruthSocial
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here
If you are in crisis, feeling desperate, or in despair, please call 988 or your local crisis hotline.
More ScamsNOW.com Articles
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish. Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors’ experience. You can do Google searches, but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
