Tether Holdings SA has responded to a request from Turkish authorities by freezing over $544 million in cryptocurrency linked to an alleged illegal online betting and money-laundering scheme. This action aligns with a broader investigation into underground gambling networks in Turkey, where authorities have already seized more than $1 billion in related assets.
Turkish prosecutors in Istanbul announced last week the seizure of assets belonging to Veysel Sahin, who is accused of running unlawful betting platforms. Tether's CEO, Paolo Ardoino, confirmed the company's involvement, stating that they acted upon information provided by law enforcement, highlighting their cooperation with various agencies including the DOJ and FBI.
The company has previously assisted in over 1,800 investigations across 62 countries, leading to the freezing of $3.4 billion in USDT tied to alleged criminal activities. Despite this collaboration, Tether’s USDt stablecoin continues to face scrutiny, particularly following the recent indictment of a Venezuelan national for laundering $1 billion using the token.