Turkish authorities have seized more than half a billion dollars in cryptocurrency as part of a major crackdown on illegal online betting and money laundering, with assistance from stablecoin issuer Tether.
Turkey Crypto Seizure Targets Illegal Betting Network
Prosecutors in Istanbul announced the confiscation of roughly €460 million, or about $544 million, in digital assets tied to an alleged underground betting operation. The assets were linked to an individual accused of running unlawful gambling platforms and laundering proceeds through complex payment networks.
Tether confirmed it froze the funds at the request of law enforcement after reviewing case details provided by Turkish authorities. The frozen assets were denominated in USDT, the world’s largest stablecoin by market capitalization.
Stablecoin Freezes and Law Enforcement Cooperation
The seizure is part of a broader investigation into illicit gambling and financial crime in Turkey, where authorities have reportedly confiscated more than $1 billion in assets through related cases. Tether said it routinely cooperates with domestic and international agencies and acts when requests align with applicable laws.
Globally, stablecoin issuers have increasingly used blacklisting tools to restrict wallets linked to suspected criminal activity. Industry data shows thousands of wallets holding billions of dollars in stablecoins have been frozen over recent years.
Despite cooperation with regulators, USDT continues to face scrutiny due to its widespread use and role in cross-border transfers. Tether reports it has supported more than 1,800 investigations across 62 countries, freezing approximately $3.4 billion in tokens tied to alleged illicit activity, even as overall USDT usage and onchain volumes continue to grow.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.