The Financial Crimes Investigation Board (MASAK), which launched an investigation into the bankrupt cryptocurrency exchange FTX on November 14, announced that it had seized the assets of Sam Bankman-Fried and exchange managers in Turkey.
MASAK made a critical decision about FTX officials
According to its official website, MASAK confiscated the assets of Sam Bankman-Fried and other executives as part of its investigation into FTX. The Financial Crimes Investigation Board made the following decision about the stock market during the ongoing investigation phase:
Our Presidency has investigated various precursor offenses in the Turkish Penal Code No. 5237 and other persons, particularly Samuel Benjamin BANKMAN-FRIED, who directly or indirectly controls the real and legal persons with whom FTX.com is associated in our country. An application has been made to the Istanbul Chief Public Prosecutor’s Office with a request for an investigation to be initiated for the crime of laundering the assets arising from the crime specified in Article 5, and for the seizure of the suspect assets within the scope of Article 17 of the Article 5549. As a result of our aforementioned application, a judicial investigation was opened against the suspects and a measure of confiscation of the suspects’ assets was implemented.
MASAK also reports that as a result of the investigation, it has determined that the exchange has made irregularities in the following matters:
- Customer’s trusts are not duly preserved,
- The customer’s trusts are transferred to another person or persons or taken abroad by untrue works and transactions,
- Where non-real crypto assets are bought and sold to customers, supply and demand in the markets are managed in a fictitious manner, contrary to normal market operation.
Investors cannot access their remaining funds in FTX
The stock market’s bankruptcy in November made investors’ money inaccessible. It is estimated that more than a million users lost their money with its bankruptcy. According to reports, FTX transferred $10 billion from client funds to Alameda Research prior to the collapse. This move left FTX in a vulnerable position. Realizing this, Binance CEO CZ said that his exchange will sell all the FTT tokens it holds. This triggered a wave of customers trying to withdraw money from FTX. Zhao later wrote on Twitter that he had spoken to SBF to buy the rival exchange. Soon after, the regulator announced that they were abandoning this decision due to uncertainty.
As a result of this collapse, Binance plans to create a private recovery fund. However, all central exchanges in the market, again led by Binance, have published their proofs of reserves. US regulators such as MASAK from Turkey launched an investigation into the stock market in the SEC and OFAC. One of the most drastic and concrete steps in this regard came with the announcement of MASAK. The Financial Crimes Investigation Board is now confiscating the assets of FTX executives in Turkey. cryptocoin.comAs you have followed on , in the announcement on November 14, FTX started an investigation into legal entities.
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