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<ul><li>Turkish lawyers are asking for 40,000-year jail sentences for each one of the 21 officials involved in the <keyword id="13540669" type="General" weightage="20" keywordseo="thodex" source="Orion">Thodex</keyword> crypto exchange fraud case.</li><li>The crypto exchange shut down a year ago and its CEO has been on the run ever since, accused of making off with at least $24 million.</li><li><keyword id="13540670" type="General" weightage="20" keywordseo="thodex-ceo" source="Orion">Thodex CEO</keyword>, Faruk Fatih <keyword id="5564975" type="General" weightage="80" keywordseo="ozer" source="Orion">Ozer</keyword>, and his accomplices have been charged with creating a criminal organisation, fraud and money laundering.</li></ul>The founder of Turkish cryptocurrency platform Thodex, 28-year old Faruk Fatih Ozer, may face a <a href="https://www.theblockcrypto.com/linked/140348/turkey-seeks-40000-year-jail-sentences-for-crypto-ceo-officials?utm_source=telegram&amp;utm_medium=social">40,000-year jail sentence</a> if he gets caught. Currently, Ozer is on the run after shutting down the cryptocurrency exchange and making off with $24 million from users <a href="https://bitcoinmagazine.com/business/ceo-of-turkish-exchange-thodex-flees">last year</a>. He was last seen at the <keyword id="41613" type="General" weightage="20" keywordseo="istanbul" source="Orion">Istanbul</keyword> airport in April 2021. Since then, the Turkish authorities have tracked him to four different countries, including Albania. However, they have been unable to locate him despite Interpol issuing a <a href="https://www.newsweek.com/interpol-hunts-crypto-exchange-founder-accused-stealing-2bn-investors-1586009">red notice</a> — a request to law enforcement agencies worldwide to locate and arrest a person pending extradition — to his name. The Turkish prosecutor in charge of the case has asked for jail sentences as long as 40,564 years for each of the 21 officials involved in the Thodex fraud. The stakeholders of Thodex have been charged with creating a criminal organisation, fraud and money laundering according to local publication Demiroren News Agency. If the court backs the prosecutor's plea, Thodex team members will be behind bars for the rest of their remaining lives. <cmsannotation type="cmsannotation" annotationid="The runaway crypto exchange CEO" comment="subhead" text="The runaway crypto exchange CEO">The runaway crypto exchange CEO</cmsannotation> Thodex rose in popularity during the crypto hype of 2020 with investors looking for safe haven investments amidst inflation concerns around the national fiat currency, the Turkish Lira. The exchange, which had around 400,000 investors, went offline without any notice in April last year. While the case against Thodex quotes a loss of $24 million, <a href="https://blog.chainalysis.com/reports/2021-crypto-scam-revenues/">Chainalysis</a> estimates actual losses to be around $2.6 billion — making it the biggest rug pull of 2021. At the time of Ozer’s escape, his lawyer said that the CEO fled Turkey because he was afraid that he would either be arrested or commit suicide. <div type="ExtQuote" text="From today on, my sole aim is to repay my debt to you. The day I repay all my debt, I will return to my country and give myself in to justice." auname="Thodex founder and CEO, Faruk Faith Ozer, at the time of shutting down the crypto exchange"></div> Thodex was reportedly facing a liquidity problem. With many people demanding their money back, there weren’t enough funds on hand to meet that requirement. <keyword id="13540671" type="General" weightage="50" keywordseo="serap-ozer" source="Orion">Serap Ozer</keyword>, one of <keyword id="13540672" type="General" weightage="50" keywordseo="faruk-ozer" source="Orion">Faruk Ozer</keyword>’s two brothers, told <a href="https://beyazgazete.com/haber/2022/4/4/thodex-davasinda-carpici-ayrinti-faruk-fatih-ozer-en-yakinlarini-da-dolandirmis-6473370.html">local Turkish media</a> that his brother is planning to either find a partner or sell the company in order to pay investors back. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/warner-bros-and-dc-are-betting-on-batman-nfts-to-deliver-a-60-million-profit/articleshow/90638773.cms">Warner Bros and DC are betting on Batman NFTs to deliver a $60 million profit</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indonesia-plans-to-tax-crypto-from-may-government-to-levy-vat-and-0-1-tax-on-income-from-crypto-trade/articleshow/90640005.cms">Indonesia plans to tax crypto from May – government to levy VAT and 0.1% tax on income from crypto trade</a>

Runaway Turkish crypto CEO may face 40,000-year jail sentence

<ul class="summary-list"><li>About 400,000 users of a Turkish <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchange have filed a criminal complaint against its CEO.</li><li>They fear that investments worth thousands of dollars may be missing after its website shut down.</li><li>CEO Faruk Fatih Ozer flew out of Istanbul on Wednesday.</li></ul>Several users of Turkish cryptocurrency exchange Thodex fear their investments worth millions of dollars may be missing after being unable to access their accounts or withdraw their money from the platform.A lawyer representing them filed a criminal complaint against its CEO on Wednesday, according to multiple reports, after Thodex <a href="https://www.thodex.com/?__cf_chl_jschl_tk__=8063e5f94cfb757f0a8caf1eceab88c465ff5700-1619086609-0-AVhRTbSurGjTwngMF5fuecCeARiKVoMwLTPnKQUs6A4b3kV9l-k6o9McjKZme_H9xSw6YeIRecbRmmc0aBijpI3HD837WZjPUJqwr2sFNIQdWhvSF4pV28HrYmfnhPkc1AlCojaIzdcRtllrvwtpBsm8is6TOQPKVw3V5KTn9Prnew2MavY1UXRGCu6svAf_Eeb0Jl6NOCQDv_E7ld7V07f52_mtZL8e1aV05QNIV2unrpCxmWXuXVdsERaR98dzjbGCI1_KW9S5SxCFSL7JBKe9VfFDjuO1z7SPnCUJQLkKZX25pWhY61_BdBKjSBwHPhsXmMgklxLuXmYQ_HwJ_aaNsLsF9QDXGEVBym5eLVBWtj2T6X-TGM2FgvmFPnL23YxsrGSNbu7R7wbc_Wn7AI8cV_eUJsnO3LZlL4Ua4FCzIctShI1PaTGVtihOldqi8w">posted a statement on its website</a> that says it would be closed for four to five days to evaluate a partnership offer."World-renowned banks and funds, whose names we are going to announce when the agreement process is completed, have been wanting to invest in our company and proposed a partnership for a long time," the company said in a statement."For this process to be completed, transactions need to be halted and the sale process needs to be completed."Many users tweeted they were unable to access their accounts and were worried they may be victims of a scam, <a href="https://www.reuters.com/article/turkey-crypt-int/turkish-crypto-traders-file-complaints-after-access-to-accounts-frozen-lawyer-idUSKBN2C917E">Reuters reported</a>, citing Turkish media outlets. Oguz Evren Kilic, a lawyer, said he was contacted by the users on Wednesday and a criminal complaint has been filed on behalf of them all.Thodex had 400,000 users, of which 390,000 were active, according to Kilic. He told <a href="https://www.bloomberg.com/news/articles/2021-04-22/turks-suspect-massive-crypto-losses-as-exchange-ceo-goes-missing?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_content=crypto&amp;utm_source=twitterurce=twitter">Bloomberg</a> that CEO Faruk Fatih Ozer flew out of Istanbul via a commercial flight on Wednesday evening and hasn't responded to multiple phone calls.<a href="https://www.dha.com.tr/istanbul/thodexin-kurucusu-faruk-fatih-ozerin-havalimanindan-ayrilirken-fotografi/haber-1822744">A photo of Ozer departing from Istanbul</a> has been published by Turkish news outlet Demiroren.Thodex last month promoted a campaign to boost its user numbers by announcing a <a href="https://twitter.com/thodexglobal/status/1373969418624114690">giveaway of 4 million Dogecoins</a>. But several users tweeted they hadn't received the meme currency after all, according to Bloomberg.A public prosecutor in Istanbul has launched an investigation into Thodex, <a href="https://www.aa.com.tr/en/economy/turkey-opens-probe-on-crypto-currency-platform-thodex/2216920">according to Anadolu Agency</a>. The company's website currently only displays a statement about its claimed sale process. It also tells users not to fall for "negative news on the internet" about Thodex.<keyword id="6372909" type="LOCATION" weightage="60" keywordseo="turkey">Turkey</keyword> only last week <a href="https://markets.businessinsider.com/currencies/news/turkey-ban-cryptocurrencies-payment-bitcoin-lira-ether-crypto-digital-asset-2021-4-1030311899">banned the use of cryptocurrencies</a> effective April 30, saying they may cause non-recoverable losses for parties involved. Under new rules, citizens can still hold crypto, but can't use it to make payments towards goods and services.Insider was unable to contact Ozer for comment.

Nearly 400,000 users of a Turkish crypto exchange fear millions of dollars may be stolen after its CEO abruptly fled the country, reports say

<ul class="summary-list"><li>Crypto scammers raked in a near-record $7.7 billion in revenue in 2021, said Chainalysis.</li><li>The 81% revenue surge was paced by a relatively new type of scam called "rug pulls." </li></ul>Cryptocurrency scammers worldwide pulled in nearly $8 billion in revenue in 2021, led by a relatively new tactic called "rug pulls," according to Chainalysis. Revenue from scams jumped by 81% from a year ago to $7.7 billion in cryptocurrency, the blockchain data platform said Thursday <a href="https://blog.chainalysis.com/reports/2021-crypto-scam-revenues/">in a blog post</a> that will be part of its larger Crypto Crime report coming in 2022. "As the largest form of cryptocurrency-based crime and one uniquely targeted toward new users, scamming poses one of the biggest threats to cryptocurrency's continued adoption," said Chainalysis. This year's revenue surge was propelled in part by the emergence of "rug plugs" that leave investors in crypto-projects empty-handed. They have become the "go-to" scam in the decentralized finance, or DeFi, ecosystem, Chainalysis said. In those schemes, developers of a cryptocurrency project — typically a new token — unexpectedly abandon it and take users' funds with them. Rug pulls accounted for 37% of all cryptocurrency scam revenue this year compared with 1% in 2020, and left victims without $2.8 billion worth of their cryptocurrency. "Rug pulls are prevalent in DeFi because with the right technical know-how, it's cheap and easy to create new tokens on the Ethereum blockchain or others and get them listed on decentralized exchanges (DEXes) without a code audit," said Chainalysis. "While code audits that would catch these vulnerabilities are common in the space, they're not required in order to list on most DEXes, hence why we see so many rug pulls." This year's largest rug pull, however, didn't start as a DeFi project, it said. <a href="https://markets.businessinsider.com/news/currencies/thodex-massive-crypto-losses-ceo-missing-istanbul-crypto-exchange-2021-4">Thodex was a large Turkish centralized exchange</a> whose CEO disappeared shortly after the exchange halted fund withdrawals by users, the report said. Users lost more than $2 billion worth of cryptocurrency or nearly 90% of all value stolen in rug pulls. The second-largest rug pull of 2021 was <a href="https://markets.businessinsider.com/news/currencies/crypto-project-phishing-attack-anubisdao-olympusdao-token-sale-2021-10">AnubisDAO</a>, at more than $58 million worth of cryptocurrency stolen.

Revenue from crypto scams spike 81% to a near-record $7.7 billion in 2021, says Chainalysis

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Runaway Turkish crypto CEO may face 40,000-year jail sentence

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Nearly 400,000 users of a Turkish crypto exchange fear millions of dollars may be stolen after its CEO abruptly fled the country, reports say

Shalini Nagarajan

Revenue from crypto scams spike 81% to a near-record $7.7 billion in 2021, says Chainalysis

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