Faruk Fatih Ozer, the founder of the defunct Turkish cryptocurrency exchange Thodex, has won part of his legal case related to a $2 billion crypto fraud. According to a press release , the Istanbul 22nd Regional Court of Justice has decided to maintain Ozer’s detention on fraud charges. However, his attorney, Sevgi Eraslan, stated that the court dropped the organized crime charges. Details of Thodex Founder Court Case Thodex, once a major cryptocurrency exchange in Turkey, collapsed in 2021, leading to a large investigation into fraud claims. The founder, Ozer, vanished just before the exchange closed, leaving thousands of users unable to access their money. In 2022, he was caught in Albania after being declared a fugitive and sent to Turkey to face charges. Authorities accused Ozer of defrauding investors, laundering money, and running a criminal group. Faruk has been on the wanted list for defrauding over 400,000 users on its platform. Many argued that he should be charged with three counts, punishable with a maximum sentence of 40,562 years collectively with other suspects. Meanwhile, Ozer was sentenced to 11,196 years in prison in 2023. Recall that the exchange woes started with a Dogecoin (DOGE) rewards campaign. Ozer remains in custody while facing fraud charges. However, dropping the more serious organized crime charges is a small win for him. Ozer’s lawyers plan to seek more leniency in the upcoming hearings, hoping to achieve his release. As the case develops, the collapse of Thodex continues to raise concerns about the safety and regulation of digital asset platforms. Global Authorities Step Up Crypto Fraud Crackdowns Ozer’s case highlights an alarming trend in the cryptocurrency sector as fraud schemes proliferate globally. Authorities across jurisdictions are ramping up efforts to combat such activities. On January 5, Vietnam police apprehended four individuals involved in a crypto mining scam that defrauded over 200 victims of roughly $157,300. Meanwhile, in the United States, the Springfield, Massachusetts, police department issued a warning about the rise of cryptocurrency ATM scams, where victims are instructed to deposit funds into machines to transfer money to scammers. Furthermore, Blockchain security PeckShield recently reported that cryptocurrency-related scams and hacks resulted in losses exceeding $3 billion in 2024, marketing a 15% increase from the previous year. Investors Urged to Exercise Caution Ozer’s case underscores the need for heightened vigilance in the cryptocurrency space. Promises of extraordinary returns should serve as a warning sign for potential investors. As regulators and law enforcement agencies intensify their efforts to weed out bad actors, individual investors are heavily responsible for conducting thorough research and avoiding too-good-to-be-true schemes. The post Thodex Founder Score Partial Win in $2B Crypto Fraud Case appeared first on TheCoinrise.com .
