Thodex Founder Sentenced to Turkish Jail over Failure to Tender Tax Paperwork

Azer Faruk Fatih
The founder of the now-defunct Turkish cryptocurrency exchange Thodex, Faruk Fatih zer, was recently given a seven-month-and-fifteen-day prison sentence. On October 30, 2021, zer received a notice from the Turkish Tax Inspection Board requesting certain business-related documents. The Thodex Founder argued at the case’s hearing before the Anatolian Seventeenth Legal Courtroom of First Occasion that he did not have the books in question at the time the notification was issued. The court has decided to put off carrying out the penalty, although suspicions that zer misled the buyers of Thodex remain.
Prosecutors in Turkey have accused zer and other Thodex officials of running a criminal organisation, committing fraud using information technology, and laundering money obtained through illegal methods. They want 21 traders and executives to serve prison terms of up to 40,564 years. Zeer has claimed that he is being falsely accused and has denied any wrongdoing.
Chainalysis, a blockchain-based statistics organisation, placed Turkey in the top 20 of its 2022 Global Crypto Adoption Index.