Cryptocurrency Operation in 8 Provinces: Coins Seized!

Although there is no such purpose in the origin of crypto money projects, some coins continue to be used in illegal situations. Today, the presence of Bitcoin and altcoins drew attention in the illegal betting investigation of the Ankara Chief Public Prosecutor’s Office in 8 provinces. In the operation, $ 40 million in crypto money was seized. Here are the details…

Attorney General’s Office confiscates $40 million worth of cryptocurrency

Ankara Chief Public Prosecutor’s Office carried out an investigation into illegal betting in 8 provinces. The Smuggling and Organized Misdemeanors Investigation Office conducted this investigation, in which crimes such as founding, managing, becoming a member of an organization, and violating the Law No. 7258 within the framework of the organization’s actions were found. In this context, they detained 46 people. In addition, approximately $ 40 million in crypto money was seized in this operation. According to the MASAK report, the wrongdoers transferred the money they obtained from illegal betting with various bank accounts.

It is stated that the coins transferred to crypto money exchanges consist of 666 Bitcoin (BTC), 14 million 500 thousand USDT. These coins were confiscated by the decision of the Criminal Court of Peace. As we have also reported, USDT is a stablecoin pegged to the US dollar. So 1 USDT is equivalent to 1 dollar.

Operations were carried out in eight provinces

The money collected in bank accounts was transferred to cryptocurrency exchanges and 118,148 processes were carried out. It was reported that a total of 2.5 billion liras were transferred to the accounts of those in the 11-person cluster, including Halil Falyalı and his wife. On October 20, 46 people were detained in a simultaneous operation in Batman, Bingöl, Kayseri, Kırıkkale, Muş, Van and Yozgat.

Cryptocurrencies and illegal use

In our country, we witness the abuse of cryptocurrencies from time to time. Meanwhile, illicit cryptocurrency activity in 2021 and the first quarter of 2022 decreased relative to overall crypto activity, according to blockchain research firm CipherTrace. The crypto industry has a reputation as a haven for illegal activity in a number of places. However, CipherTrace claims that in 2020, illegal activity is in the middle of 0.62-0.65% of total cryptocurrency activity.

In general, in our country and other countries, the penalties related to Money Laundering (AML) in the banking sector have increased significantly. MASAK and the Capital Markets Council (SPK) have developed new regulations for crypto platforms. Time will tell what will happen in the market in the coming period. However, the information shows that illegal activity has decreased in the time since the emergence of Bitcoin.

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