Brazil Tax Dispute Unfreezes $527M, Including $213M in Tether Assets

Gurhan Kiziloz has won an appeal to unfreeze $527 million in assets tied to a Brazilian tax dispute. The ruling narrows the freeze, allowing for the release of roughly $213 million in USDT by October 2026. This is not a complete reversal, but rather a restraint on the initial freeze.

The core issue was the timing of Gurhan Kiziloz's activities. He operated 17 betting sites serving Brazilian users and conducted token sales while Brazil's rules were still forming. The country introduced fixed-odds betting into law in 2018, but its federal licensing system didn't arrive until December 2023.

Gurhan Kiziloz is not claiming that his gambling or crypto income was automatically tax-free. He argues that any amount owed must be measured against the laws and powers of the moment, rather than the fuller framework in place now.