Regulation· ★★★· bearish·

Turkey detains Tera and Destek executives after $7.5B defaults

  • —Tera Portföy announced a default on redemptions worth 366 billion lira (~$7.5 billion) on September 16
  • —SPK ordered the liquidation of about 130 funds and filed lawsuits over stock price manipulation
  • —İbrahim Bekci (Tera Holding) and Altunç Kumova (Destek Yatırım) were detained
  • —Combined assets of Tera, Pusula and Atlas previously exceeded $29 billion, with outflows reaching $1 billion a day
Why it matters: The crisis at Turkey's largest funds could hit confidence in the local market and trigger capital flight into crypto and foreign assets.
Source: Crypto Briefing
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