Faruk Fatih Özer: Serving 11,196-year sentence found dead in prison cell

Tekirdağ, Türkiye — Faruk Fatih Özer, the 31-year-old founder and former CEO of the defunct cryptocurrency exchange Thodex, was found dead in his prison cell at the Tekirdağ F-Type High Security Closed Prison, authorities confirmed.

Özer was serving a record-breaking sentence of 11,196 years for fraud, money laundering, and leading a criminal organisation.

According to TRT, prison staff discovered Özer’s body hanging in the bathroom of his single-occupancy cell. Justice Minister Yılmaz Tunç said an investigation is underway, adding that initial findings point to suicide. However, the exact cause of death will be determined following forensic and post-mortem examinations.

His body was transferred to the Forensic Medicine Institute for autopsy. Reports indicate that Özer was held in solitary confinement — a controversial practice often criticised by human rights groups for its severe psychological effects. The Tekirdağ F-Type Prison has also faced scrutiny over isolation conditions and restricted access to external communication.

Why Was Özer Sentenced to Over 11,000 Years?

Founded in 2017 as Koineks, Thodex grew rapidly to become one of Turkey’s most popular crypto exchanges, backed by celebrity endorsements and a large investor base.

In April 2021, the platform suddenly halted withdrawals, locking up funds of nearly 400,000 users. Loss estimates range from ₺19.4 billion (per prosecutors) to ₺335.9 billion, according to blockchain analytics firm Chainalysis.

Following the collapse, Özer fled to Albania, where he was arrested in August 2022 and extradited to Turkey in April 2023. He denied running a criminal enterprise, claiming Thodex’s failure was due to financial mismanagement, not fraud.

In September 2023, an Istanbul court convicted Özer and several associates of aggravated fraud, money laundering, and organised crime, handing down extraordinarily long prison terms — some exceeding 40,000 years.

At the time of his death, Özer’s conviction was still under appeal. The 22nd Criminal Chamber of the Istanbul Regional Court had partially overturned the verdict and ordered a retrial of 21 defendants, including Özer.

His sudden death brings a dramatic end to one of Turkey’s most notorious financial scandals — a case that shook public trust in the country’s crypto sector and sparked calls for stronger regulation.

Foto courtesy foreign media