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Turkish prosecutors have moved against what they describe as one of the country’s largest illegal betting operations, ordering the freeze of more than $544 million in assets tied to businessman Veysel Şahin.
The Istanbul Attorney General’s Office confirmed that the measure was carried out by a cryptocurrency company at Turkey’s request. Though unnamed in the initial announcement, the firm was later identified as Tether Holdings SA, the issuer of the USDT stablecoin.
This is not the first time Tether has worked with governments to tackle financial crimes. CEO Paolo Ardoino explained that his team reviewed the prosecutor’s request and acted in line with Turkish law.
The freeze targets assets prosecutors say were generated through unlicensed gambling platforms and laundered through complex networks.
Over $1 billion in assets targeted
The freeze of €460 million tied to Veysel Şahin is only part of a wider crackdown. Turkish authorities have already moved against assets worth more than €1 billion, with another investigation leading to the suspension of roughly $500 million in crypto suspected of being linked to money laundering and illegal betting.
Bloomberg reports did not clarify whether Tether tokens were also involved in the second case, but the scale shows how prosecutors are expanding the investigation.
Officials say they are tracing crypto flows to uncover what they call “financial footprints.” By following these trails, investigators believe they can expose networks behind unlicensed gambling and alternative payment systems.
A senior official speaking anonymously stressed that similar seizures are likely to continue, with Turkey looking to improve its control on digital assets connected to crime.
USDT has helped freeze $3.4 billion since launch
The action against Şahin’s assets adds to a much larger record of enforcement involving Tether’s stablecoin. A January report from analytics firm Elliptic showed that Tether and rival Circle had blacklisted nearly 5,700 wallets by the end of 2025, containing about $2.5 billion in crypto.
Most of those wallets contained USDT when they were frozen, showing how often the token is used in illegal activity. Analysts say that as more people use crypto for regular payments, criminals also try to use it, which forces issuers to act faster.
Tether points to this record when speaking with investors. On its site, the company says it has worked with law enforcement in more than 1,800 cases across 62 countries. Altogether, about $3.4 billion in USDT has been frozen since the coin was launched. The company is now preparing to raise new capital, aiming for a valuation that could reach $500 billion.
The Turkish cases add more numbers to their books. Prosecutors accuse Veysel Şahin of running networks that launder money from illegal betting platforms. He has already faced prison sentences in the past, and Turkey is still trying to bring him back to face justice. The country continues to link him directly to the frozen assets and the wider crackdown on crypto‑funded gambling operations.
Source: Haber Hurriyeti
