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

Turkey's cryptocurrency exchange COINO is facing an appointment of a trustee as a result of a large-scale investigation. The operation, carried out in collaboration with the Istanbul Chief Public Prosecutor's Office and the Financial Crimes Investigation Board (MASAK), found that 32 billion lira worth of cryptocurrency transactions were laundered. During this process, assets worth 637 million lira were confiscated, and arrest warrants were issued for 22 individuals.

As a result of the ongoing analyses, serious discrepancies in COINO's financial transactions were identified. Accordingly, the company's 211.5 million TL inflow during the July-December 2024 period increased to 11.9 billion TL in the January-May 2025 period. During the same period, 12.3 billion TL was sent from COINO accounts to various legal entities and 282.9 million TL to individual accounts.

According to MASAK's cryptocurrency analysis, inflows of 769.7 million USDT (approximately 32 billion TL) and outflows of 769.4 million USDT were recorded until July 23, 2025. Additionally, it was discovered that 330.7 million USDT (approximately 13.9 billion TL) 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 suspects who were detained, 10 vehicles, 7 real estates, and assets belonging to 16 companies, including COINO, were confiscated. Given the magnitude of the incident, a trustee was appointed by Turkey's Savings Deposit Insurance Fund (TMSF) to ensure that COINO's genuine users do not suffer losses.

Following the operation, investors need to be cautious; as such developments in the cryptocurrency market may affect the overall trend of the market. It is important for investors to conduct their transactions on reliable platforms and carefully monitor cash flows to protect themselves from similar fraud cases.