Tether Freezes $544M in USDT Amid Turkish Betting Probe

Tether, the leading stablecoin issuer, has frozen $544 million in USDT at Turkish authorities' request as part of an ongoing investigation into alleged illegal betting networks and money laundering operations across Turkey. This move represents one of Tether's largest single enforcement actions to date.

The seizure comes after Istanbul prosecutors asked Tether to block assets tied to fugitive Veysel Sahin, who is accused of running underground gambling platforms in the country. Paolo Ardoino, CEO of Tether, confirmed that the company acted 'in respect of the laws of the country' after receiving information from law enforcement.

Tether has been cooperating with Turkish authorities and has assisted in more than 1,800 investigations across 62 countries, resulting in $3.4 billion in frozen USDT connected to alleged criminal activity. The company works closely with U.S. agencies, including the FBI and Secret Service, on cases ranging from fraud to sanctions evasion.

This development highlights Tether's dual role as both a dominant stablecoin facilitating $4.4 trillion in quarterly transactions and a centralized chokepoint enabling law enforcement to freeze assets suspected of criminal ties.