Turkey Investigates Former FTX CEO Sam Bankman-Fried for Fraud, Seizes Assets
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The Turkish government has launched an investigation into the former CEO of failed cryptocurrency exchange FTX, Sam Bankman-Fried. According to local media, the Ankara authorities have also seized the property of the founder of the struggling coin trading site.
Turkey’s Money Laundering Intelligence Unit launches another FTX-related investigation
Turkish financial regulators have begun investigating cryptocurrency exchange FTX founder and former CEO Sam Bankman-Fried (SBF) for alleged fraud. The move follows an investigation started in mid-November into the collapse of a company that used a Turkish platform.
Both investigations are led by the country’s Economic Crimes Investigation Board (MASAK), a department under the Ministry of Finance and Finance. As part of them, the authorities have seized the assets of SBF and other subsidiaries, Anadolu Agency reported on Wednesday.
Turkish Finance Minister Nureddin Nebati highlighted the incident while commenting on the risks that digitization has brought with it and warned that the cryptocurrency market should be treated with “maximum caution.”
Amid skyrocketing inflation in the national fiat currency, the lira, many Turks have invested in cryptocurrencies in recent years to shore up 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 US on November 11 after struggling with liquidity problems, and is now under voluntary administration. Bankman-Fried resigned and the group’s new management fired three other senior 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, Bahamian authorities may extradite SBF to the United States for questioning.
Do you expect other countries’ financial authorities to investigate former FTX CEO Sam Bankman-Fried? Let us know in the comments section below.