Tether Freezes $544 Million in Turkish Crypto Probe

Tether, the issuer of the world's largest stablecoin, has frozen more than $500 million in digital assets linked to an illegal gambling and money-laundering operation in Turkey, marking one of the biggest seizures in the cryptocurrency industry. The action, announced this week, targeted funds associated with Veysel Sahin, whom Turkish prosecutors accuse of running a vast underground betting network.

The freeze followed a request from the Istanbul Chief Public Prosecutor's Office, which investigated a syndicate using cryptocurrencies to launder proceeds from unlicensed gambling sites. Officials mapped out the network's use of stablecoins like Tether's USDT for rapid, anonymous transfers across borders, bypassing traditional banking systems. In total, authorities confiscated assets worth approximately $544 million, part of a broader crackdown that has recovered over $1 billion in illicit funds for the Turkish treasury. Tether acted after reviewing evidence provided by law enforcement, in line with its compliance protocols.

Paolo Ardoino, CEO of Tether, confirmed the company's involvement, stating that it analyzes information from authorities before intervening, respecting...