Turkey Investigates Former FTX CEO Sam Bankman-Fried for Fraud, Seizes Assets

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 authorities has launched an investigation on the previous chief govt of failed cryptocurrency change FTX, Sam Bankman-Fried. According to native media, the authorities in Ankara have additionally seized belongings belonging to the founding father of the troubled coin buying and selling platform.

Turkey’s Financial Intelligence Unit Initiates Another FTX-Related Probe

Financial regulators in Turkey have began to research the founder and former CEO of cryptocurrency change FTX, Sam Bankman-Fried (SBF), for alleged fraud. The transfer follows the initiation in mid-November of a probe into the collapse of the corporate, which additionally operated a Turkish platform.

Both investigations are led by the nation’s Financial Crimes Investigation Board (MASAK), a division underneath the Ministry of Treasury and Finance. As a part of them, the authorities have seized belongings of SBF and different associates, the Anadolu Agency reported on Wednesday.

Commenting on the case, Turkey’s Finance Minister Nureddin Nebati highlighted the dangers that digitalization has introduced together with alternatives, warning that the cryptocurrency market must be approached with “maximum caution.”

Amid skyrocketing inflation of the nationwide fiat forex, the lira, many Turks put cash into crypto belongings previously few years to protect their financial savings. However, the failures of home buying and selling platforms and scams, in addition to the continuing crypto winter, have harm Turkish traders.

FTX, which was one of many world’s prime crypto exchanges, filed for Chapter 11 chapter safety within the U.S. on Nov. 11, after combating liquidity points, and is now underneath voluntary administration. Bankman-Fried resigned and the group’s new administration fired three different prime executives.

Besides Turkey, the FTX group of firms is now underneath investigation in a lot of different jurisdictions, together with the United States, the Bahamas, the place it was headquartered, and Japan. The change and its subsidiaries have additionally seen their licenses suspended in a number of markets. According to a current report, the Bahamas authorities could extradite SBF to the U.S. for questioning.

Do you count on monetary authorities in different international locations to research former FTX CEO Sam Bankman-Fried? Tell us within the feedback part beneath.

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