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Authorities in Turkey Seize FTX Founder Sam Bankman-Fried’s Assets

Authorities in Turkey Seize FTX Founder Sam Bankman-Fried’s Assets

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The Turkish Ministry of Finance announced on Wednesday that while investigating the collapse of the FTX cryptocurrency exchange, Turkish authorities have seized the assets of Sam Bankman-Fried and other affiliates.

According to the statement, an investigation into the fraud of FTX’s former CEO Bankman-Fried has also been started.

The move follows the investigation into the stock market collapse that started last week. The exchange managed a local subsidiary called FTX Turkey.

Along with FTX, the agency is also investigating individuals and companies associated with the exchange, including financial institutions and crypto asset service providers.

Both investigations, launched under the country’s anti-money laundering laws, are being led by the country’s Economic Crimes Investigation Board (MASAK), a department under the Ministry of Finance and Finance.

The Turkish government added cryptocurrency exchanges to the list of entities subject to the country’s Anti-Money Laundering and Anti-Terrorist Financing (AML/TF) regulations in May 2021.

FTX explosion

FTX, once the third-largest crypto exchange by trading volume, filed for Chapter 11 bankruptcy protection in the US on November 11 after running into liquidity problems, and is now in voluntary administration.

The exchange allegedly used customers’ money to make risky investment bets through Alameda Research, founded by Bankman-Fried.

Bankman-Fried also stepped down as CEO on the same day and is currently in the Bahamas, where his parents and senior executives of the failed cryptocurrency exchange reportedly bought $121 million worth of assets with client funds.

Earlier this week, the judge overseeing the FTX case agreed to formally transfer the Chapter 15 bankruptcy case filed by Bahamas liquidators from New York to Delaware, preserving the names and addresses of the top 50 creditors owed about $3.1 billion.

According to James Bromley, FTX’s new management adviser, there was a “lack of corporate control” at the exchange, with Bankman-Fried using FTX as his “personal empire”.

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