Tether Freezes $500 Million in Assets Linked to Turkish Gambling Ring

Tether, the issuer of the world’s most widely traded stablecoin, has frozen more than $500 million in digital assets. The funds are linked to a massive illegal gambling and money-laundering syndicate in Turkey. Tether Marks One of Crypto’s Largest Crackdowns The freeze targets assets reportedly owned by Veysel Sahin, an individual Turkish prosecutors accuse of orchestrating a sprawling illegal betting network. Notably, this move marks one of the largest single-asset seizures in the cryptocurrency sector to date. Tether CEO Paolo Ardoino confirmed the company’s role in the crackdown, emphasizing the firm’s increasing cooperation with international law enforcement. “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. And that’s what we do when we work with the DOJ, when we work with the FBI, you name it,” he reportedly said. Meanwhile, the enforcement action highlights a significant pivot for the British Virgin Islands-incorporated firm. Once criticized by regulators for a perceived lack of transparency, Tether has repositioned itself as a proactive partner to global police agencies. Earlier this year, the company froze more than $180 million worth of its USDT token. In total, Tether has now frozen more than $3 billion in assets since its inception. With a circulating supply exceeding $187 billion, Tether’s USDT token serves as the primary source of liquidity for the global cryptocurrency market. BeInCrypto previously reported that this asset serves more than 534 million users globally. Its widespread use allows traders to move funds quickly between exchanges without relying on traditional banking rails. However, the speed and scale of recent interventions have dismantled the “censorship-resistant” reputation that once defined the digital asset sector. Beyond enforcement, Tether has been aggressively diversifying its USDT reserves over the past year. The company recently announ...