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Three months after Thodex founder and former CEO Faruk Fatih Ozer was detained in Turkey, he received a prison sentence of seven months and 15 days for failing to submit requested documents during his trial.
Theodex was once one of the largest crypto exchanges in Turkey before it suddenly shut down and Ozer fled to Albania. Following an Interpol red notice, Ozer was extradited back to Turkey to be held responsible for stealing approximately $2 billion worth of cryptocurrencies from investors.
While Ozer maintained innocence throughout the trial from October 30, 2021, he failed to submit requested documents to the Tax Inspection Board. He denied being in possession of Theodex at the time, which prevented him from furnishing the requested books. He further claimed that a trustee was appointed to run the business on his behalf during the said time frame.
ONEMLİ DUYURU pic.twitter.com/3aBeJjFSYQ
— thodex (@thodexofficial) April 22, 2021
As informed of By Hürriyet Daily News, Ozer’s prosecutor initially sought a five-year prison sentence for “trafficking” under the Tax Procedure Law. The court initially sentenced the crypto entrepreneur to one year and six months’ imprisonment, which was later reduced to seven months and 15 days. Reasons for the sentence reduction include Ozer’s social relationships, and overall behavior and conduct during the trial.
In addition to the tax-related charges, Ozer has also been charged with defrauding Thodex investors and is awaiting trial on the alleged charges. The entrepreneur has been denying the allegations and claims that he has been framed by the defendants.
Connected: Turkey to use blockchain-based digital identity for online public services
A recent study by Swedish crypto tax firm Divli shows that 99.5% of crypto investors will not pay taxes in 2022.
The report estimates that Finland has the highest proportion of crypto investors who paid the required taxes on crypto in 2022 at 4.09%, with Australia coming second with 3.65%.
However, the methodology used to reach the estimate remains questionable as the report states that the search volume data may not accurately reflect the actual number of crypto taxpayers, as not everyone who pays tax owns crypto. Does not search for tax-related information online.
