Turkey Investigates Former FTX CEO Sam Bankman-Fried for Fraud, Seizes Assets
The Turkish government has launched an investigation on the former chief executive of failed cryptocurrency exchange FTX, Sam Bankman-Fried. According to local media, the authorities in Ankara have also seized assets belonging to the founder of the troubled coin trading platform. Turkey’s Financial Intelligence Unit Initiates Another FTX-Related Probe
Financial regulators in Turkey have started to investigate the founder and former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), for alleged fraud. The move follows the initiation in mid-November of a probe into the collapse of the company, which also operated a Turkish platform.
Both investigations are led by the country’s Financial Crimes Investigation Board (MASAK), a department under the Ministry of Treasury and Finance. As part of them, the authorities have seized assets of SBF and other affiliates, the Anadolu Agency reported on Wednesday.
Commenting on the case, Turkey’s Finance Minister Nureddin Nebati highlighted the risks that digitalization has brought along with opportunities, warning that the cryptocurrency market should be approached with “maximum caution.”
Amid skyrocketing inflation of the national fiat currency, the lira, many Turks put money into crypto assets in the past few 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, which was one of the world’s top crypto exchanges, filed for Chapter 11 bankruptcy protection in the U.S. 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 other top executives.
Besides 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 U.S. for questioning. Tags in this story Bankruptcy, board, ceo, collapse, Crypto, crypto assets, crypto exchange, Cryptocurrencies, Cryptocurrency, Exchange, financial intelligence, 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 comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s 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. Russia Prepares to Create Government-Controlled Crypto Exchange EXCHANGES | 9 hours ago Austrian Crypto Exchange Bitpanda Secures Trading License From Germany"s BaFin EXCHANGES | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHollywood, Streaming Giants Scramble for Movie Rights to FTX Saga Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design