Turkey investigates former FTX CEO Sam Bankman-Fried for fraud, seizes assets

Turkey investigates former FTX CEO Sam Bankman-Fried for fraud, seizes assets

The Turkish government has launched an investigation into the former CEO of failed cryptocurrency exchange FTX, Sam Bankman-Fried. According to local media, authorities in Ankara have also seized assets belonging to the founder of the troubled coin trading platform.

Turkey’s Financial Intelligence Unit is launching another FTX-related investigation

Financial regulators in Turkey have launched an investigation into the founder and former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), for alleged fraud. The move follows the start of an investigation into the collapse of the company, which also operated a Turkish platform, in mid-November.

Both investigations are led by the country’s Financial Crimes Investigation Board (MASAK), a division of the Ministry of Finance and Finance. As part of that, authorities seized assets belonging to SBF and other affiliates, the Anadolu Agency reported on Wednesday.

Commenting on the matter, Turkish Finance Minister Nureddin Nebati stressed the risks posed by digitization, warning that the cryptocurrency market should be approached with “maximum caution”.

Amid a skyrocketing inflation of the national fiat currency, the lira, many Turks have invested in crypto assets in recent years to preserve their savings. However, the failures of domestic trading platforms and scams, as well as the ongoing crypto winter, have hurt Turkish investors.

FTX, one of the world’s top crypto exchanges, filed for Chapter 11 bankruptcy protection in the US on November 11 after struggling with liquidity issues and is now under voluntary administration. Bankman-Fried resigned and the group’s new management fired three other top executives.

In addition to Turkey, the FTX group of companies is now under investigation in a number of other jurisdictions, including the United States, the Bahamas, where it was headquartered, and Japan. The exchange and its subsidiaries have also seen their licenses suspended in multiple markets. According to a recent report, the Bahamas authorities may extradite SBF to the US for questioning.

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Bankruptcy, board, ceo, collapse, crypto, cryptoassets, cryptoexchange, cryptocurrencies, cryptocurrency, exchange, financial intelligence, ftx, investigation, probe, Sam Bankman-Fried, sbf, seizure, turkey, turkish, unity

Do you expect financial authorities in other countries to investigate former FTX CEO Sam Bankman-Fried? Tell us in the comments below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes the Hitchens quote, “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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