Faruk Fatih Özer, founder of Thodex found guilty sentenced to 11,196 years

zasad@

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https://twitter.com/ChainArgos/status/1737404907580444678
"1/4
@Tether_to
just blacklisted 6 new wallets:

On Ethereum:

- 0x691169914a13465bd9528292f8fbdd0301354941

- 0x6d82a3743261e0ac77116f4cf153338bec3c69c6

- 0x016a2046689fc94eec7d23545693bc7b81dbabd1

- 0x873e288d432d1e8dd93defa63406fd9a80580491

- 0xf2f3fa6d045bba08434b5be56f43cffe76a5979f

On Tron:

- TFiiRbCfZ97oHmbYAqp1dLs7SUZyKBVjtU"

"2/4 Based on the #Ethereum addresses, there are a handful of suspicious transfers that may or may not be linked to the #Finiko pyramid scheme, but otherwise nothing that appears out of the ordinary."

"3/4 The #TRON address appears to do even less. With a single inbound transfer from
@bitfinex for about $7k in $USDT."

_____
Finiko is one of the largest financial scams in Russia, which deceived people out of several billion rubles, but the exact amount has not yet been calculated.
A few years later, Tether began blocking wallets. Cry

zasad@

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Quote from: Baofeng on September 15, 2023, 03:50:25 PM

Quote from: zasad@ on September 15, 2023, 05:25:01 AM

Quote from: Baofeng on September 14, 2023, 03:44:13 PM

Quote from: Fiatless on September 13, 2023, 08:30:21 AM

Quote from: zasad@ on September 13, 2023, 07:47:11 AM

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

What do you expect to be the next move?
Some assets were frozen in banks when the exchange stopped making withdrawals of user funds.
The fraudster had to spend some of the stolen money on bribes in other countries to ensure security.
The remaining cryptocurrencies should be confiscated by the Turkish government.

Probably the usual filing after he was found guilty, maybe more documents to show that he didn't intentionally run and play with the millions of money or his customers. But it's moot already, I don't think that the sentencing will chance.

In any criminal case there is an amount of damage and people who wrote a statement to the police. For various reasons, not all people write statements to the police, but without this, the damage to exchange users in this case is enormous.
Next we see an attempt to hide from the country and from prosecution.

____
Some people try to make references to US law, but they don't understand how US law works.
In the USA there are very long prison sentences for financial crimes, and to avoid this, the criminal is forced to cooperate. This means returning all the stolen money and surrendering all accomplices. Only then can criminal receive an adequate prison sentence.

Baofeng

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Quote from: Lucius on September 17, 2023, 05:43:22 AM

Quote from: Baofeng on September 15, 2023, 03:50:25 PM

@Lucius - probably it's just a way by the court that he will die in the jail already as there are no death sentence in Turkey if I'm not mistaken. And it's likely that Turkey could have one of the toughest law for defrauding investors and laundering assets.

However, such a number of years is a sentence that makes no sense to me personally, because as I have already written, it would be enough if they sentenced him to 100 years in prison without the possibility of a pardon, or even without the possibility of a pardon until 2/3 of the sentence has expired, which would be approximately in 66 years.

In any case, this would mean that the convict will remain in prison for life, of course if he does not escape from prison or the law is not changed in the meantime and, for example, he receives a pardon from the president or prime minister, as is usually the case in some countries.

I guess reason for that huge sentence is that maybe the convict can't give apply for a parole after a certain period of time, (I'm not a lawyer though). And yes, it migh be case to case basis for some countries. It's just that Turkey has a harsher punishment, again this is just my speculation, maybe it has something to do with their religion as the country is predominantly Muslim. And so it is very very strict in handling punishment on criminals.

As for giving pardon, I read that it's rare in Turkey as wel.

zasad@

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In Russia, the maximum sentence for such fraud is 10 years, but you can be released on parole for good behavior and serve more than 2/3 of the prison term.This is a case study about the Finiko financial pyramid.
In the USA, 20 years in prison are given for such crimes.
After this practice, scammers will probably be afraid to organize financial pyramids in Turkey.

Lucius

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Quote from: Baofeng on September 15, 2023, 03:50:25 PM

@Lucius - probably it's just a way by the court that he will die in the jail already as there are no death sentence in Turkey if I'm not mistaken. And it's likely that Turkey could have one of the toughest law for defrauding investors and laundering assets.

However, such a number of years is a sentence that makes no sense to me personally, because as I have already written, it would be enough if they sentenced him to 100 years in prison without the possibility of a pardon, or even without the possibility of a pardon until 2/3 of the sentence has expired, which would be approximately in 66 years.

In any case, this would mean that the convict will remain in prison for life, of course if he does not escape from prison or the law is not changed in the meantime and, for example, he receives a pardon from the president or prime minister, as is usually the case in some countries.

Baofeng

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Quote from: zasad@ on September 16, 2023, 09:10:40 AM

https://www.theregister.com/2022/12/20/crypto_ponzi_scheme_cofounder_pleads/
OneCoin co-founder pleads guilty to $4 billion fraud

https://www.theblock.co/post/250564/one-coin-co-founder-sentenced-to-20-years-and-fined-300-million
"Karl Sebastian Greenwood, who co-founded OneCoin in 2014 with the so-called “Crypto Queen” Ruja Ignatova, was sentenced to 20 years on Tuesday.

OneCoin founder Karl Sebastian Greenwood was sentenced to 20 years in prison after prosecutors accused him of cheating 3.5 million people who invested in OneCoin and using the money for five-star resorts, a private plane and a yacht.

Greenwood, 46, was sentenced on Tuesday and was ordered to pay $300 million, the U.S. Attorney’s Office for the Southern District of New York said in a statement. Greenwood had previously pleaded guilty to wire fraud and money laundering."

__
Everywhere the legislation is different..

Thanks for the update, true, everywhere law is very different, just like in this case, he ran away will million and yet the founder was only sentence to 20 years. So meaning he might have a chance to get out still and maybe can get out early if he shows good deeds then he can file for a parole and not do his full sentences.

As compare to this case, he will definitely not see the light of day because of that kind of sentencing and could be rotten in day.

But at the end of the day, justice is served.

zasad@

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https://www.theregister.com/2022/12/20/crypto_ponzi_scheme_cofounder_pleads/
OneCoin co-founder pleads guilty to $4 billion fraud

https://www.theblock.co/post/250564/one-coin-co-founder-sentenced-to-20-years-and-fined-300-million
"Karl Sebastian Greenwood, who co-founded OneCoin in 2014 with the so-called “Crypto Queen” Ruja Ignatova, was sentenced to 20 years on Tuesday.

OneCoin founder Karl Sebastian Greenwood was sentenced to 20 years in prison after prosecutors accused him of cheating 3.5 million people who invested in OneCoin and using the money for five-star resorts, a private plane and a yacht.

Greenwood, 46, was sentenced on Tuesday and was ordered to pay $300 million, the U.S. Attorney’s Office for the Southern District of New York said in a statement. Greenwood had previously pleaded guilty to wire fraud and money laundering."

__
Everywhere the legislation is different..

Potato Chips

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yesssir! 🫡

What if I tell you the authorities were actually aiming to sentence him for 40,000 years? lmao, see: https://www.tomshardware.com/news/thodex-crypto-exchange-founder-busted-faces-40000-years-in-jail -- a year old article

These figures are bonkers I know, but this reminded me of multiple life sentences for people with multiple charges, perhaps the concept is similiar in turkish law.

Quote from: https://en.wikipedia.org/wiki/Back-to-back_life_sentences

This is a common punishment for a defendant convicted of multiple murder in the United States. Depending on the jurisdiction in which the case is tried, a defendant receiving a life sentence may become eligible for parole after serving a minimum length of time, on the order of 15–25 years. If a back-to-back penalty is imposed, the defendant must serve that minimum for every life sentence before parole can be granted. Such a penalty also ensures that even if some of the murder convictions are overturned on appeal, the defendant must still serve the sentences for the ones left standing.

I don't think it's wrong that Turkey is being harsh on these people, they deserve it with the amount of damage they caused to many people.

Baofeng

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Quote from: zasad@ on September 15, 2023, 05:25:01 AM

Quote from: Baofeng on September 14, 2023, 03:44:13 PM

Quote from: Fiatless on September 13, 2023, 08:30:21 AM

Quote from: zasad@ on September 13, 2023, 07:47:11 AM

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

What do you expect to be the next move?
Some assets were frozen in banks when the exchange stopped making withdrawals of user funds.
The fraudster had to spend some of the stolen money on bribes in other countries to ensure security.
The remaining cryptocurrencies should be confiscated by the Turkish government.

Probably the usual filing after he was found guilty, maybe more documents to show that he didn't intentionally run and play with the millions of money or his customers. But it's moot already, I don't think that the sentencing will chance.

@Lucius - probably it's just a way by the court that he will die in the jail already as there are no death sentence in Turkey if I'm not mistaken. And it's likely that Turkey could have one of the toughest law for defrauding investors and laundering assets.

Lucius

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It is not disputed that a man should be punished if he is proven guilty, but I have never understood the point of such long-term sentences, considering that people live on average less than 100 years in ideal conditions. Maybe when he dies, they will bury him inside the prison walls and keep him that way for the next 11 000+ years?

Justice is that the man responsible for the crime is in prison, but the sentence in itself has no meaning and it wouldn't make any difference if they sentenced him to 100 years in prison without the possibility of parole. If Bankman and Kwon had found themselves in that country, they would probably have received 100 000 years in prison each individually.

Dave1

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Quote from: sokani on September 15, 2023, 07:36:12 AM

Quote from: Fiatless on September 13, 2023, 08:30:21 AM

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand where you're coming from and my heart goes to the parent, it's not easy to have 3 children locked up for life. Lets not be in a hurry to forget that some of the victims of the scam were also breadwinners of their families, some must have had their life savings or part of it on the exchange. Some victims probably would have fallen in depression, heart attack, stroke or even died. I don't know if the government wants to make an example of him but from a quick search on the Internet, I got to know that Turkey has been dishing out extraordinary sentences since the abolition of death penalty in 2004.

There's always 2 side of the stories here, sure he might be portray as a good son to his mother. But we should not forget how brutal his crime his, I mean they even doesn't know who their victims were, they could be bread winners or just regular and average joe like the rest of us who trade on exchanges that we though that we can trust and that they would exit scam and bring our money with them. But this is what they have done, the verdict has been issued already, of course in legal, they can do whatever they want to have a second chance, but I guess the verdict will be final.

sokani

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Quote from: Fiatless on September 13, 2023, 08:30:21 AM

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand where you're coming from and my heart goes to the parent, it's not easy to have 3 children locked up for life. Lets not be in a hurry to forget that some of the victims of the scam were also breadwinners of their families, some must have had their life savings or part of it on the exchange. Some victims probably would have fallen into depression, heart attack, stroke or even died. I don't know if the government wants to make an example of him but from a quick search on the Internet, I got to know that Turkey has been dishing out extraordinary sentences since the abolition of death penalty in 2004.

zasad@

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Quote from: Baofeng on September 14, 2023, 03:44:13 PM

Quote from: Fiatless on September 13, 2023, 08:30:21 AM

Quote from: zasad@ on September 13, 2023, 07:47:11 AM

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

What do you expect to be the next move?
Some assets were frozen in banks when the exchange stopped making withdrawals of user funds.
The fraudster had to spend some of the stolen money on bribes in other countries to ensure security.
The remaining cryptocurrencies should be confiscated by the Turkish government.

Baofeng

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Quote from: Fiatless on September 13, 2023, 08:30:21 AM

Quote from: zasad@ on September 13, 2023, 07:47:11 AM

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two.

I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers.

But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk.

zasad@

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Quote from: Fiatless on September 13, 2023, 08:30:21 AM

Quote from: zasad@ on September 13, 2023, 07:47:11 AM

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

From public information, this looks like an exit scam. There is no information about the cyber attack at all about who did it and how much money was stolen. Faruk Fatih Ozer also had connections with many famous politicians in Turkey and was able to hire lawyers and sue.
https://databankfiles.worldbank.org/public/ddpext_download/GDP.pdf
Turkey's GDP is $905 billion in 2022, but if you do not take into account the financial sector, in which nothing is produced, but only redistributed, then at least 35% of this value can be deducted from any country.
And some fraudster stole several billion dollars. For this, one should be tried on charges of treason.

ajiz138

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A prison sentence of 11,196 years is all I have ever heard of at this time, and I learned this news a few days ago from international and local media.

Quote from: redhack on September 11, 2023, 11:42:21 AM

Don't be so sure. It's Türkiye, any jail time can be lowered. Corrupt politicians do anything when money involves.

No wonder...
If Faruk Fatih Özer still had a lot of money and could lobby politicians, maybe his prison term could be reduced drastically, but I don't know what the actual law is in Turkey. Yes, there are always corrupt officials in every country.

Fiatless

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Quote from: zasad@ on September 13, 2023, 07:47:11 AM

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections.

I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam.

zasad@

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Quote from: Baofeng on September 09, 2023, 03:59:09 AM

Perhaps projects or at least those who are thinking to established crypto businesses in Turkey will have to think twice about it, hhehe. Otherwise, they will really be in jail for a long time and maybe no chance to get out.

Yes, as what zasad@ said, it's $2 billion dollars that time, so that is huge amount of money maybe in Turkey and many have been victimized by this crypto exchange that's why the heaviest penalty that can be served for Faruk Fatih Özer has been handed down by the court.

The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars?
If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived

avikz

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This is surely one of the toughest imprisonment I have heard ever in my life. I am sure the Turkish government is trying to establish a social example through this judgement.

Someone mentioned that it can be changed due to the political influence. But this is really absurd. I really want fraudsters to spend time behind the bars for the wrongdoings they have committed. But if the crypto businesses are specifically targeted, that's not right either.

Zoomic

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Quote from: yhiaali3 on September 11, 2023, 10:00:00 PM

Quote from: Zoomic on September 11, 2023, 04:24:10 PM

I don't think it can happen in this matter because this has got international publicity.

Even if the news receives international media coverage, this is not a big problem for powerful corrupt politicians, they always have solutions ready for any problem as long as the money is there.

Here in my country, for example, we still have death sentences. However, there are many incidents where criminals were able to escape the death sentence if they had money or their relatives were high-ranking politicians or children of high-ranking officials.

Everything can be done with money and political power.

It is surprising to understand that the government is similar in different countries. They have that single aim of printing money and more money to fight inflation. They have no strong solution. It seems that political corruption is universal.
I haven't witnessed the swap of someone who was supposed to die by life imprisonment or capital punishment, but I have watched in movies as it happened.
I agree with you that it is not difficult for corrupt politicians to do especially as it relates to cryptocurrency where many things are inconsistent including the laws.

Topic: Faruk Fatih Özer, founder of Thodex found guilty sentenced to 11,196 years (Read 341 times)