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

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Amid a probe into the collapse of the FTX cryptocurrency alternate, Turkish authorities have seized the belongings of Sam Bankman-Fried and different associates, the Turkish Treasury and Finance Ministry introduced on Wednesday.

An inquiry into claims of fraud in opposition to the FTX former CEO Bankman-Fried has been opened as nicely, in keeping with the assertion.

The transfer follows final week’s initiation of a probe into the collapse of the alternate, which ran a neighborhood subsidiary known as FTX Turkey.

Turkey Forces Crypto Exchanges to Report Extra Buyer Info

Together with FTX, the company can be wanting into people and firms related to the alternate, together with monetary establishments and crypto asset service suppliers.

Each investigations, launched below the nation’s anti-money laundering legal guidelines, are led by the nation’s Monetary Crimes Investigation Board (MASAK), a division below the Ministry of Treasury and Finance.

The Turkish authorities added cryptocurrency exchanges to the record of entities topic to the nation’s anti-money laundering and terrorism financing (AML / TF) rules in Could 2021.

The FTX implosion

FTX, as soon as the third-largest crypto alternate by buying and selling quantity, filed for Chapter 11 chapter safety within the U.S. on November 11, after working into liquidity points, and is now below voluntary administration.

The alternate was allegedly utilizing shopper cash to make dangerous funding bets via Alameda Analysis, a buying and selling agency based by Bankman-Fried.

Bankman-Fried resigned as CEO on the identical day as nicely and is at the moment within the Bahamas, the place his mother and father and senior executives of the failed cryptocurrency alternate reportedly purchased property value $121 million utilizing clients’ funds.

FTX Chapter Listening to: Bahamas Liquidators Switch Case to Delaware, Creditor Names Stay Redacted

Earlier this week, the decide overseeing the FTX case agreed to formally transfer a Chapter 15 chapter case filed by Bahamian liquidators from New York to Delaware whereas conserving the names and addresses of the highest 50 collectors—owed roughly $3.1 billion—redacted.

Based on James Bromley, counsel to FTX’s new administration, there was a “lack of company controls” on the alternate, with Bankman-Fried utilizing FTX as his “private fiefdom.”

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