Tether freezes $544M tied to Turkish illegal betting probe

Tether has frozen $544 million in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money‑laundering operation. Prosecutors in Istanbul announced the seizure of approximately €460 million in assets belonging to Veysel Sahin, who is accused of operating unlawful betting platforms and laundering proceeds.

Tether Holdings SA, the issuer of the USDT stablecoin, was identified by CEO Paolo Ardoino. “Law enforcement came to us, they provided some information, we looked at the information and we acted in respect of the laws of the country,” he said, adding the company works similarly with the DOJ and the FBI.

The action was part of a broader probe into underground gambling and payment networks; Turkey has seized more than $1 billion in assets through related investigations.

Turkey, Istanbul