COINO Crypto Exchange Appointed a Trustee: 12 Billion Lira Investigation

COINO Crypto Asset Trading Platform Appointed a Trustee

According to a statement from the Chief Public Prosecutor's Office, the report prepared by the Financial Crimes Investigation Board (MASAK) regarding the ongoing investigation into the COINO Crypto Asset Trading Platform Inc. was elaborated. It was reported that during the July-December period of 2024, the company had a total inflow of 211 million 563 thousand 563 lira into its accounts, and in the January-May period of 2025, this amount reached 11 billion 948 million 942 thousand 887 lira.

Suspicious Money Transfers from Company Accounts

The statement noted that a total of 12 billion 350 million 393 thousand 826 lira was sent from COINO's accounts to legal entities, including foreign cryptocurrency providers, and 282 million 923 thousand 646 lira was transferred to individual accounts. Additionally, it was detected that by July 23, a total of 769 million 786 thousand 12 USDT (approximately 32 billion lira) of cryptocurrency inflow occurred, while 769 million 446 thousand 673 USDT was recorded as outflow.

Money Laundering Identified

It was stated that among the 802 individuals who received money into the company accounts, 645 of them had information related to crimes such as illegal gambling, fraud, and credit card abuse. As a result of the analyses, it was reported that revenues obtained from crimes were deposited into COINO Inc., and after being converted into cryptocurrency, these funds were transferred to wallet addresses abroad.

Operations and Seizures

In the course of the investigation, 10 vehicles, 7 real estates, and 16 companies worth 637 million lira were seized. During this process, 17 suspects were detained, and 22 suspects located abroad and in prison were identified. To prevent victimization, it was announced that a trustee was appointed to COINO Inc. by the Bankruptcy Administration.