Fatih Ozer was captured in Albania after being on the run for over a year.
Ozer is wanted by Turkish authorities for his alleged involvement in establishing a criminal organization and defrauding users on the exchange.
Ozer is accused of engaging in a "rug pull," a term that refers to when a project pumps a new token and then disappears with the money.
There are a lot of allegations of fraud in the current space. Ozer may be facing a maximum of over 40,000 years in prison, according to a report.
The collapse of the company resulted in some $24 million in losses. The figure may be even higher if you side with one of the estimates. According to a report by Chainalysis, roughly 90 percent of the total value lost to rug pulls in the year 2021, can be attributed to the company.
It is not surprising that the estimates vary so much because of the volatile nature of the coin. It is a serious crime to walk away with any amount of stolen money.
Prosecutors want 40,564 years in prison for Ozer and the other defendants. It's not clear whether it remains that high. According to an Interior Ministry statement, the process for Ozer's extradited is already underway.
An ongoing spell of national inflation in Turkey led to the founding of the company. It was seen as a way to protect against inflation when it was first thought of, but now that the Turkish government has cracked down on the market, that sentiment may not be as strong.
The people who lost cryptocurrencies in the collapse are trying to get it back.
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