Tether Freezes Over $500 Million in USDT as Turkey Targets Alleged Betting Kingpin
The move followed a Turkish probe that traced funds to Veysel Sahin’s network, signaling the stablecoin issuer’s expanding role in cross-border enforcement.
Overview
- The Istanbul Chief Public Prosecutor’s Office said about $544 million in assets tied to the investigation have been confiscated.
- Tether confirmed it froze more than $500 million in USDT linked to wallets prosecutors associate with Veysel Sahin’s alleged illegal betting and laundering operation.
- CEO Paolo Ardoino said the firm acted on information from Turkish law enforcement and noted Tether has assisted over 1,800 inquiries and frozen more than $3 billion since inception.
- Turkish investigators also pursued seizure orders for related bank accounts and property connected to the suspected network.
- Separately, Tether minted roughly $1 billion in new USDT during a Bitcoin selloff, highlighting its simultaneous role in market liquidity operations.