A trustee has been appointed to the cryptocurrency exchange, in a 32 billion lira operation.

Turkey's cryptocurrency exchange COINO is facing a receivership following a large-scale investigation. In an operation conducted in collaboration with the Istanbul Chief Public Prosecutor's Office and the Financial Crimes Investigation Board (MASAK), it was discovered that 32 billion Turkish Liras worth of cryptocurrency transactions were laundered. During this process, 637 million Liras in assets were seized, and detention warrants were issued for 22 individuals.

As a result of the conducted analyses, serious inconsistencies were found in COINO's financial movements. Accordingly, the company's fund inflow, which was 211.5 million TL for the period of July-December 2024, skyrocketed to 11.9 billion TL in the period of January-May 2025. During the same period, 12.3 billion TL was transferred from COINO accounts to various legal entities and 282.9 million TL to individual accounts.

According to MASAK's cryptocurrency analysis, 769.7 million USDT (approximately 32 billion TL) was recorded as inflow and 769.4 million USDT as outflow until July 23, 2025. Additionally, it was identified that 330.7 million USDT (approximately 13.9 billion TL) worth of assets were transferred to unregistered wallets. Among the 802 individuals involved in these transactions, concerning criminal profiles were noted.

In addition to the 17 detained suspects, 10 vehicles, 7 real estate properties, and 16 companies including COINO were confiscated. Given the magnitude of the incident, a receivership was appointed by Turkey's Savings Deposit Insurance Fund (TMSF) to ensure that the genuine users of COINO do not suffer damages.

In light of the operation, investors need to be cautious; such developments in the cryptocurrency market can affect the overall market trend. It is crucial for investors to conduct their transactions on reliable platforms and to monitor cash flows carefully to protect themselves from similar fraudulent cases.