Breaking: Turkey Seizes Assets of FTX Founder Sam Bankman-Fried

According to a statement made on Wednesday by the Treasury and Finance Ministry of Turkey, an inquiry has been opened into claims of fraud against Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX. In the course of the inquiry, Turkish authorities have also seized the assets of Bankman-Fried and its affiliates.

Turkish Crimes Investigation Board Takes On FTX
Nureddin Nebati, the minister of Treasury and Finance, issued a statement in which he said that the market for cryptocurrencies needed to be approached with “maximum caution”. He made this argument based on the fact that the crypto industry introduces both new risks and new opportunities.
Despite the fact that Bankman-Fried eventually issued an apology to investors in the form of a series of tweets, the value of FTX’s native token, FTT, has since been in freefall due to the ongoing financial turmoil surrounding the exchange.
FTX TR, a subsidiary located in Turkey, is part of the Bankman-Fried’s failed cryptocurrency empire.
The Ongoing FTX Saga
As reported earlier on CoinGape, FTX financed Alameda Research, billions of dollars worth of customer assets to finance risky trades and even personal loans to the management, thus paving the way for its sudden downfall. With only $1 Billion in liquid assets, FTX failed to bridge the gap and eventually had to file for bankruptcy.

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Read More: FTX Exchange Finally Files For Bankruptcy

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Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

This article has been originally published at: https://coingape.com/turkey-seizes-assets-of-ftx-founder-sbf/