11/23/2022, 7:05 PM (Source: TeleTrader)
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Former FTX CEO under investigation by Turkey

Turkey launched an investigation on Wednesday against Samual Bankman-Fried, founder and former chief executive of cryptocurrency exchange FTX. The Turkish Financial Crimes Investigation Board (MASAK) confiscated all assets of FTX executives in the process, however without providing more information about the total amount.

Bankman-Fried has been accused of fraud after his company collapsed last week and filed for bankruptcy. Once the second-largest cryptocurrency exchange in the world, the major loss has been compared to the 2001 Enron scandal. Some US states also froze FTX assets pending investigation.

In a letter to his employees, Bankman-Fried apologized for the recent failure, and said that he "never intended this to happen." Reports suggested the entrepreneur wanted to flee for Argentina or the UAE following the scandal.

Baha Breaking News (BBN) / KB