Turkey investigates former FTX CEO Sam Bankman-Fried’s fraud and freezes assets – Exchange


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 the assets of the founder of the controversial currency trading platform.

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

Financial regulators in Turkey have opened an investigation into the founder and former CEO of cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), for alleged fraud. The move followed 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. For their part, authorities seized the property of the SBF and other affiliates, Anadolu Agency reported on Wednesday.

Turkish Finance Minister Noordin Nebati commented on the matter, highlighting the risks digitalization poses, warning that the cryptocurrency market should be approached with “maximum caution”.

Amid the skyrocketing inflation of the national fiat currency, the lira, many Turks have invested money in crypto assets in recent years to preserve their savings. However, the ongoing crypto winter along with domestic trading platform failures and scandals has 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 battling 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 several other jurisdictions, including the United States, the Bahamas, where it was headquartered, and Japan. The licenses of the exchange and its subsidiaries have also been suspended in several markets. According to a recent report, the Bahamas authorities may extradite the SBF to the US for questioning.

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Tags in this story bankruptcy, board, CEO, collapse, crypto, crypto assets, crypto exchange, crypto currencies, crypto currency, Exchange, Financial Intelligence, FTX, investigation, investigation, Sam Bankman-Fried, SBF, seizure, Turkey, Turkey, Unit

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

lubomir tasev

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

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