Finance Brief: trust is the trade this week
Finance Brief: trust is the trade this week
Two of the biggest names in money had a bad weekend, and both stories are about trust. In Türkiye the head of the stock exchange was detained, and the world's largest crypto exchange watched billions walk out the door the day it reopened withdrawals.
In Istanbul, Borsa Istanbul general manager Korkmaz Enes Ergun was detained on Saturday in a prosecutors' investigation into investment funds, on allegations of bribery and membership in a criminal organization. The probe began when several funds failed to meet redemptions in September, and the regulator has since ordered 131 funds liquidated. The exchange's benchmark has fallen for seven straight weeks, its longest weekly losing streak on record, and the board has named deputy Atila Türeli as acting chief.
In crypto, Binance reopened withdrawals on Sunday after hackers drained about 6.3 billion dollars from its hot wallets on October 29, an attack the FBI links to North Korea's TraderTraitor group. Binance says net outflows hit 3.64 billion dollars in the first nine and a half hours, about 2.1% of its assets, while analytics firms tracking gross flows put withdrawals above 4 billion dollars. The company says it has replaced around 95% of the stolen assets from its own funds.
What to watch: whether Binance's outflows slow in the coming days and what its updated proof of reserves shows, whether Istanbul prosecutors bring a court case against Ergun or the probe widens further, and how Borsa Istanbul trades on Monday after a weekend with its chief in custody. Confidence returns slowly and leaves fast, and this week will show which way both stories run.
Information only, not financial advice.
#Turkiye #Finance #XSubscribers
FOR X SUBSCRIBERS ONLY