Özer – In recent weeks, there has been a lot of talk about the case of crypto fraudster Faruk Fatih Özer. He is the founder of the Turkish cryptocurrency exchange Thodex, so he is quite well known. But not just because of the exchange – more because he was sentenced in 2023 to an incredible 11,196 years in prison for massive financial fraud. And that’s a really long sentence, which is usually only given to mass murderers.
But now something quite unexpected has happened. Donald Trump has pardoned him. When journalists asked him why, he simply said that he “didn’t know who he was.” This, of course, sparked a huge wave of criticism and suspicion that there might be more to it than just coincidence.
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Who is Faruk Özer? The famous Turkish crypto fraudster
Faruk Fatih Özer was never a small player. He founded Thodex, one of the largest crypto exchanges that ever existed in Turkey. It promised people the chance to generate quick profits, which was understandably a big draw. You can probably imagine how many people fell for it. But in April 2021, the exchange suddenly stopped working. And Özer disappeared.
Not that he went silent on Twitter, but he simply vanished. It was later discovered that he had fled Turkey to Albania, taking with him an estimated $2 billion in cryptocurrencies belonging to some 400,000 investors. It was huge. An international manhunt was immediately launched, and he was finally caught in 2022. Turkey got him back and put him on trial.
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An exemplary punishment for Özer, or Turkey means business
His punishment was meant to be a warning to all similar fraudsters. It was actually a symbol that Turkey is serious about combating crypto fraud. That is why Trump’s pardon is so controversial now. After all, Özer has nothing to do with the United States. Experts and journalists agree that the whole thing smacks of some kind of behind-the-scenes pressure or agreement. Some even suggest that it could have been lobbying by American investors from the crypto community who wanted Özer released because of his knowledge of infrastructure and international digital money flows.
After the pardon was announced, Trump tried to brush off the situation. At a press conference, he said that he “doesn’t know everyone on the list.” He implied that he had signed a larger package of pardons without looking at the individual cases in detail. His advisers said almost nothing about it. They only claim that it was a “routine administrative procedure,” which sounds more like an excuse.
Incomprehensible? Perhaps just well calculated
Mainstream economists and analysts describe the whole move as incomprehensible. Many say it is just another example of Trump’s chaotic style of governance. Others, however, see it as a calculated move—an attempt to curry favor with the crypto community, which strongly supports Trump. Some experts even think it may have been a trade-off. Özer could have offered Trump’s campaign access to crypto funds or data that could be useful to him.
The whole thing quickly became a symbol of the connection between politics, business, and the dark side of the crypto world. The Turkish government reacted sharply. It said that Trump had insulted the victims and undermined confidence in the international fight against financial crime. The Turkish opposition also suggested that President Erdogan may have had a hand in the whole affair. He allegedly interceded on Özer’s behalf to improve his relationship with Trump.
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What happens next? The future of crypto-fraudster Özer
It is not at all clear what will happen next. There are reports that Özer is already somewhere in the US. He may be under protection and is said to have been offered the chance to cooperate with the US authorities. It sounds almost absurd – a man who stole from thousands of people using crypto is now supposed to advise the government on cybersecurity and blockchain monitoring. But that’s often how things work these days.
The whole affair actually shows how closely money, politics, and technology are intertwined today. Many people are wondering whether this pardon was more of a business deal than an act of mercy. Whatever the case may be, this case now hangs in the air as a reminder that even the biggest scams can be swept under the rug when it suits the powerful players.
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