Faruk Fatih Ozer, founder of Turkey's Thodex cryptocurrency exchange, and his siblings have been sentenced to 11,196 years each for defrauding over 2,000 investors, marking a landmark case in Turkish financial justice.

After being deported back to Turkey in June, Ozer stood trial and was found guilty of money laundering, fraud, and organized crime. Ozer attempted to defend himself, claiming that his actions were not criminal but rather a result of amateurish mistakes. He boasted about his intelligence and his ability to lead any institution.

The court, however, determined that Ozer, his sister Serap, and brother Guven were responsible for the crimes committed. Each sibling received a sentence of 11,196 years, given the magnitude of their offenses and the number of victims involved.

Extraordinary prison sentences are common in Turkey following the abolition of the death penalty in 2004. This case echoes previous instances where individuals were given lengthy sentences for financial fraud and other crimes. For example, TV cult preacher Adnan Oktar was imprisoned for 8,658 years in 2022.

Turkish authorities estimated that Ozer defrauded approximately 2,027 victims. The verdict handed him a staggering sentence, although prosecutors had initially requested an even lengthier term of 40,562 years.

The downfall of the Thodex exchange caused significant losses for investors who had turned to cryptocurrencies as a safeguard against the declining value of the Turkish lira. Once hailed as a financial prodigy, Ozer had established Thodex as one of the country's leading virtual currency exchanges.

Ozer's arrest ended his escapade, during which he had managed to abscond with assets allegedly worth $2 billion. However, the prosecutor's indictment indicated total losses of 356 million liras suffered by Thodex investors.

As Turkey grapples with inflation and the lira's diminishing standing on international markets, the value of the losses has significantly decreased. Today, the same amount corresponds to approximately $13 million.

In a case that has captured national attention, Faruk Fatih Ozer and his siblings will serve their unprecedented prison terms, signaling a stern warning against financial malpractice in Turkey's cryptocurrency realm.

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