Tether helps Turkey seize $544M in crypto tied to illegal betting network

Tether claims it has helped law enforcement in over 1,800 cases across 62 countries, freezing $3.4 billion in USDT tied to suspected illicit activity.

Tether has frozen more than half a billion dollars in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money-laundering operation.

Last week, prosecutors in Istanbul announced the seizure of approximately €460 million ($544 million) in assets belonging to Veysel Sahin, accused of operating unlawful betting platforms and laundering proceeds. Officials initially declined to identify the crypto firm involved, but the company was Tether Holdings SA, the issuer of the $185 billion USDt (USDT) stablecoin, CEO Paolo Ardoino told Bloomberg.

“Law enforcement came to us, they provided some information, we looked at the information and we acted in respect of the laws of the country,” Ardoino reportedly said. “And that’s what we do when we work with the DOJ, when we work with the FBI, you name it,” he added.

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