COINO Cryptocurrency 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 investigation into COINO Crypto Asset Trading Platform Inc. has been detailed. In the period of July-December 2024, a total of 211 million 563 thousand 563 lira was reported to have entered the company's accounts, while this figure reached 11 billion 948 million 942 thousand 887 lira in the period of January-May 2025.

Suspicious Money Transfers from Company Accounts

The statement indicated that a total of 12 billion 350 million 393 thousand 826 lira had been sent from COINO's accounts to legal entities, including foreign crypto asset provider platforms, and 282 million 923 thousand 646 lira was transferred to individual accounts. Additionally, it was determined that until July 23, there was a total inflow of 769 million 786 thousand 12 USDT (approximately 32 billion lira) in crypto assets, while an outflow of 769 million 446 thousand 673 USDT was also recorded.

Illicit Proceeds Identified

It was stated that 645 of the 802 individuals who received money to the company accounts had records of illegal gambling, fraud, and credit card abuse. As a result of the analyses, it was reported that the proceeds from these crimes were deposited into COINO Inc. and after being converted into crypto assets, were transferred to wallets abroad.

Operations and Seizures

In the scope 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 Savings Deposit Insurance Fund (TMSF).