Cryptocurrency Exchange Sam Bankman-Fried Usa Turkey business regulation FTX Cryptocurrency Exchange Sam Bankman-Fried Usa Turkey

Turkey seizes FTX assets in the country amid the ongoing investigation

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Assets belonging to former FTX CEO Sam Bankman-Fried have been seized by the country’s Financial Crimes Investigation Board, locally known as MASAK, following the collapse of his main business.An official announcement from Turkey’s MASAK outlined preliminary findings and actions taken against Bankman-Fried following bankruptcy proceedings of its core business.

MASAK began investigations on Nov. 14.Cointelegraph translated the latest announcement from MASAK, which highlighted three key points from the investigation.

The Turkish investigatory body found that FTX failed to safely store user funds, embezzled customer funds through shady transactions and manipulated supply and demand in the market by having customers buy and sell listed cryptocurrencies that were not backed by actual cryptocurrency holdings.

As a result of these findings, MASAK seized Bankman-Fried's and affiliates’ assets after finding strong 'criminal suspicion' on the above-mentioned points.FTX TR’s website is still live but only shows a message to users with instructions to receive balances from accounts.

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