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Turkey sentences Thodex founder to over 11,000 years in prison

Turkish crypto exchange Thodex’s found er and his two siblings face over 11,000 years in jail each after being convicted of fraud, money laundering, and running a criminal organization. A Turkish court sentenced Faruk Fatih Ozer — the man behind Thodex, a crypto exchange that went bankrupt in 2021 — to 11,196 years and 10 months in prison for crimes including fraud alongside his two siblings. According to a Sept. 7 report by state-run Turkish news agency Anadolu, the Istanbul court delivered its verdict to Ozer and his two siblings — who received similar sentences — on Sept. 7. The men in question were found guilty of aggravated fraud, leading a criminal organization, and money laundering. Bloomberg describes Ozer as a “high-school dropout” who founded the exchange in 2017, at the height of the crypto craze. Later, he fled to Albania when the platform collapsed. He also reportedly appeared unrepentant during his final hearing. “I am smart enough to manag...

FTX To 'Remove' Turkish Units From Bankruptcy Case?

FTX is looking to eliminate Turkish units from its bankruptcy case equation. According to a filing made on Friday, FTX and its debtors brought to light a jurisdiction dispute and claimed that Turkish authorities will not essentially adhere to orders made by U.S. courts. FTX seeks to remove Turkish units from Bankruptcy case, saying that Turkish authorities are unlikely to follow instructions from U.S. courts — unfolded. (@cryptounfolded) January 30, 2023 Also Read: Bitcoin Has ‘Moved on’ From The FTX Saga: Here’s Why Turkish authorities aren’t bound by bankruptcy provisions: FTX Turkey’s Financial Crimes Investigation Agency started investigating  FTX post its collapse in Q4 2022. At that time, the agency revealed that it was looking into people, institutions, banks, and crypto service providers related to FTX . FTX Turkey was a part of the 134 entities linked to Sam Bankman-Fried’s empire that sought protection from ...