Tether freezes $500M+ in crypto amid Turkish crackdown

Tether froze $500M+ in crypto at Turkey’s request, targeting illegal gambling and money laundering. The move highlights increased cooperation between blockchain firms and law enforcement.

Tether has frozen more than $500 million in cryptocurrency assets at the request of Turkish authorities. This move targets funds allegedly connected to an illegal online gambling and money laundering network. The operation, among the largest asset freezes in the crypto sector, focused on assets reportedly owned by Veysel Sahin, who is accused of running unlawful betting platforms and laundering proceeds. Tether’s CEO confirmed that the company acted on information from law enforcement and followed Turkey’s legal procedures. This action is part of a broader crackdown in Turkey, where authorities have seized over $1 billion in assets through related investigations. Tether has a history of collaborating with global law enforcement, including the U.S. Department of Justice and the FBI, and has frozen over $3 billion in illicit assets to date. Analytics firms predict that by the end of 2025, Tether and Circle will have blacklisted thousands of wallets, freezing billions in assets, mostly USDT. This highlights the growing cooperation between blockchain firms and regulators to combat financial crime.