Turkey Investigates Former FTX CEO Sam Bankman-Fried for Fraud and Seizes Assets – Bitcoin News

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 confiscated assets from the founder of the ailing coin trading platform.

Turkey’s Financial Intelligence Unit launches another FTX-related investigation

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

Both investigations are being led by the country’s Financial Crimes Investigation Board (MASAK), a department of the Treasury Department. As part of this, authorities have seized assets from SBF and other related companies, Anadolu Agency reported on Wednesday.

Commenting on the case, Turkey’s Finance Minister Nureddin Nebati highlighted the risks digitization has brought and warned that the cryptocurrency market should be approached with “extreme caution”.

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

FTX, one of the world’s leading crypto exchanges, filed for Chapter 11 bankruptcy protection in the US on Nov. 11 after struggling with liquidity issues and is now under voluntary administration. Bankman-Fried resigned and the group’s new management fired three more 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 affiliates have also seen their licenses suspended in several markets. According to a recent report, Bahamas authorities could extradite SBF to the United States for questioning.

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bankruptcy, board, ceo, collapse, crypto, crypto assets, crypto exchange, cryptocurrencies, cryptocurrency, exchange, financial info, ftx, investigation, probe, sam bankman-fried, sbf, seizure, turkey, turkish, unit

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

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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