Turkey has initiated an investigation into the former chief executive officer of the collapsed crypto exchange FTX. Samuel Bankman-Fried is under Turkish authorities’ probe over the accusations of fraud. The Treasury and Finance Ministry of the country declared this on Wednesday. The country’s authorities have additionally frozen the assets associated with Bankman-Fried. The holdings of the affiliates have also been halted during the investigation. Earlier, MAS Issued a statement to deal with the misconceptions after the FTX Debacle.

After Singapore, Bahamas, and the US, Turkey Begins Investigating Ex-CEO of FTX

Nureddin Nebati, the Treasury and Finance Minister of Turkey, stated that the respective investigation was begun by the Financial Crimes Investigation Board of the country (MASAK). In addition to this, several other authorities have started probing into the platform. They include Singapore, the Bahamas, the United States, and so on. The minister remarked on the hazards being brought about by digitalization apart from opportunities. Nebati added that the industry of crypto should be dealt with with extreme caution.

FTX was considered to be the 3^rd-biggest crypto exchange in terms of the regular trading volume. However, after its collapse, it submitted a bankruptcy filing earlier in November 2022. After some time, Bankman-Fried made an apology to the company’s investors via a thread of Twitter posts. With the respective crash, several projects and firms across the world are experiencing problems.

Millions of the funds of employees and consumers are currently stuck on FTX. Since that time, a continuous fall has been witnessed in the prices of crypto assets because of the financial disorder and the apprehensions of investors regarding potential risks. GIC, the autonomous wealth fund of Singapore, has also been impacted after this incident.

At present, Genesis Global Trading – the sub-branch of Digital Currency Group – is also going through shortened liquidity. Apart from that, many other industry players have been experiencing liquidy-related problems. Consequently, Genesis froze withdrawals on the 16^th of November. Nevertheless, on the 23^rd of the same month, the firm disclosed that it had offered a loan of $575M to DCG. The respective loan would be payable in March next year.

Bitcoin Sees a Recovery Rally amid FTX Downfall

The primary crypto Bitcoin (BTC), in the previous couple of days, has started its recovery. The token has reached $16,800 after jumping from $15,500. This upsurge would potentially continue to move in the direction of $19,000. But, this would only be possible if the bullish momentum remains maintained.