Tether said it has frozen more than $500 million in digital assets linked to an alleged illegal gambling and money-laundering network operating in Turkey.
The assets are reportedly connected to Veysel Sahin, whom Turkish prosecutors accuse of orchestrating a large-scale illicit betting operation, making the move one of the largest single crypto freezes to date.
“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,”
Said Tether chief executive, Paolo Ardoino.
The action highlights Tether’s growing cooperation with international authorities, including work with US agencies, as it seeks to reposition itself as a compliant partner after years of regulatory scrutiny.
Earlier this year, the company froze more than $180 million in USDT, bringing the total value of assets it has blocked since inception to over $3 billion.
With more than $187 billion of USDT in circulation, Tether remains a central source of liquidity in global crypto markets, though repeated freezes have challenged claims of censorship resistance.
Alongside enforcement efforts, Tether is using record profits of about $10 billion to diversify reserves into areas including precious metals, Bitcoin mining and strategic investments in digital finance.
At the time of reporting, Bitcoin price was $70,522.09.