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Faruk Fatih Özer, Founder of Thodex, Sentenced to Prison – Crypto Exchange Scandal and Tax Issues Revealed

Faruk Fatih Özer, founder and former CEO of Thodex, sentenced to prison

  • Özer has received a prison sentence of seven months and 15 days for failing to submit requested documents during his trial.
  • Thodex, once a major crypto exchange in Türkiye, shut down abruptly and Özer fled to Albania.
  • Özer denies being Thodex’s official at the time and claims a trustee was appointed to run the business.

Özer’s prosecutor initially sought a five-year prison sentence

  • The prosecutor initially sought a five-year prison sentence for Özer on charges of “smuggling” under the Tax Procedure Law.
  • The court ultimately sentenced him to one year and six months, which was later reduced to seven months and 15 days.
  • The sentence reduction was based on factors such as Özer’s social relations and behavior during the trial.

Özer also accused of defrauding Thodex investors

  • Özer awaits a hearing on accusations of defrauding Thodex investors.
  • He denies the allegations and claims to have been framed by the defendants.

Study shows low tax payment rate among crypto investors

  • A study by Swedish crypto tax firm Divly reveals that 99.5% of crypto investors did not pay taxes in 2022.
  • Finland and Australia have the highest proportion of crypto investors who paid taxes, but the methodology used in the study is questionable.

Hot take:

Faruk Fatih Özer, the founder of Thodex, has been sentenced to prison for failing to submit requested documents during his trial. While he denies being Thodex’s official at the time, his claims have not been enough to prevent the sentencing. Additionally, Özer faces accusations of defrauding Thodex investors. In the wider crypto space, a study reveals that a significant majority of crypto investors did not pay taxes in 2022, with Finland and Australia having the highest tax payment rates. However, the study’s methodology raises questions about the accuracy of the findings. It’s clear that both legal and taxation issues continue to be prevalent in the crypto industry.

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