Turkey orders seizure of FTX assets
Former FTX CEO Sam Bankman-Fried It was investigated by the Turkish Crime Suppression Division (MASAK) after the FTX crash.
An announcement from Turkey’s MASAK reveals that FTX is unable to securely hold user funds and embezzle clients’ funds from fraud and manipulation. Manipulating the supply and demand of the market by allowing users to buy and sell cryptos on the exchange without actually owning them.
Following the discovery of the facts, the agency ordered the assets of Mr. Sam Bankman-Fried’s affiliates to be seized. for being involved in organized crime
The FTX TR website is still open but shows how to get refunds from customer accounts. Customers are required to share their IBAN and Turkish ID card information on their Turkish Libra account via the link.
It was also found that the company attempted to transfer funds of users on FTX TR to their own accounts.
FTX is looking for a way to pay off its creditors.
FTX is currently filing for bankruptcy with new CEO John Ray III, who led Enron in the early 2000s, which he says is the worst case against FTX he has ever done.
Bankruptcy filings are to find ways to use the company’s assets to pay off debts to stakeholders and creditors as much as possible.