The Turkish government launched an investigation on the former FTX CEO Sam Bankman-Fried (SBF), for alleged fraud. It has been reported by the local media, that the authorities in Ankara have also seized his assets.
The investigation is being carried out by the country’s Financial Crimes Investigation Board (MASAK), as informed by The Treasury and Finance Minister Nureddin Nebati. The minister also commented that the cryptocurrency market should be approached with utmost caution.
According to an article by Anadolu Agency, the Turkish Authorities have seized the assets belonging to SBF and other affiliates who are related to this investigation.
The inflation rate of Turkey’s national fiat currency – the lira was reported to be 85% recently, therefore, the Turks have put their money into crypto assets in the past few years to preserve their savings. Unfortunately, due to the current catastrophic situation of the crypto world, the Turkish investors too had to face the repercussions.
Other than Turkey, FTX is under investigation in other countries too, such as the United States, the Bahamas and Japan. Multiple markets have also suspended the licenses of the cryptocurrency exchange and its subsidiaries.
According to a recent report by Bitcoin.com, the former FTX CEO may be extradited by the Bahamas authorities to the United States for questioning.