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In a significant escalation of Turkey's crackdown on illegal betting and money laundering, details have emerged that stablecoin issuer Tether froze over €460 million ($544 million) in cryptocurrency assets at the request of Turkish authorities.
This action targets Veysel Sahin, a notorious figure accused of operating illicit gambling platforms, and forms part of a broader enforcement operation that has now surpassed $1 billion in total seizures.
The revelation, reported by Bloomberg, underscores the growing collaboration between crypto firms and global regulators to combat financial crimes.
Key Takeaways
- Massive Crypto Freeze: Tether froze €460 million ($544 million) in assets tied to Veysel Sahin, aiding Turkish authorities in a money laundering probe.
- Broader Seizures: The operation includes an additional $500 million freeze on assets linked to Sahin's associate, exceeding $1 billion total.
- Legal Milestone: First use of new Turkish laws enabling direct asset seizures in gambling and laundering cases.
- Tether's Compliance: Demonstrates crypto firms' role in global enforcement, potentially boosting regulatory trust.
- Extradition Push: Sahin, who fled abroad, faces extradition as investigations deepen.
The Istanbul Chief Public Prosecutor's Office announced the initial freeze on January 30, 2026, without naming the crypto company involved.
However, sources confirm Tether's pivotal role in executing the asset lockdown, highlighting the company's ongoing efforts to assist law enforcement in stamping out illicit activities tied to digital currencies.
This move comes amid an investigation into Sahin, who fled Turkey after his 2023 prison release and is now subject to extradition proceedings.
Background on the Investigation
Veysel Sahin, often dubbed Turkey's illegal betting kingpin, has long been linked to underground gambling networks that violate the country's strict anti-gambling laws.
Prosecutors allege he provided infrastructure for illegal betting on sports like football and laundered proceeds through complex financial channels, including cryptocurrency.
The probe intensified following reports from Turkey's Financial Crimes Investigation Board (MASAK), which flagged suspicious transactions tied to Sahin's operations.
Authorities seized Sahin's entire asset portfolio, encompassing companies, bank accounts, real estate, and crypto holdings. The €460 million in frozen cryptocurrency was held in accounts at global platforms, with Tether complying swiftly to prevent laundering or transfer of funds.
This marks the first application of expanded prosecutorial powers under Turkey's 11th judicial reform package, allowing direct asset seizures in money laundering and terrorism financing cases.
The enforcement effort expanded further with the freezing of an additional $500 million in assets linked to Seref Yazici, owner of the crypto platform Darkex and an alleged associate of Sahin.
This brings the total value of seized assets in the investigation to over $1 billion, signaling a strong stance against black-market gambling networks.
Tether, issuer of the $185 billion USDT stablecoin, has positioned itself as a partner in global anti-crime initiatives.
The company routinely collaborates with authorities on freezes related to money laundering, drug trafficking, and sanctions evasion, as part of its outreach to investors and regulators.
Conclusion
This high-profile asset freeze by Tether in collaboration with Turkish authorities represents a turning point in the fight against crypto-enabled crimes.
As digital assets become integral to global finance, such partnerships could set precedents for international cooperation.
With extradition efforts underway and the investigation ongoing, the case may uncover more layers of illicit networks, reinforcing Turkey's commitment to curbing black-market activities.
The total seizures surpassing $1 billion highlight the scale of the threat and the effectiveness of targeted enforcement.
Read Next:
- Tokenized Money Market Funds: Everything you Need to Know for 2026
- Top 10 Stablecoin Lending Platforms in 2026
- Trustless Stablecoins: The Complete 2026 Guide
FAQs:
1. What is Tether's role in the Turkish asset freeze?
Tether froze €460 million in crypto assets linked to Veysel Sahin at Turkey's request, aiding an illegal betting and money laundering investigation.
2. Who is Veysel Sahin?
Veysel Sahin is a Turkish figure accused of running illegal betting platforms and laundering funds; he fled abroad after prison and is now wanted for extradition.
3. How much has been seized in total?
Over $1 billion, including $544 million from Sahin and $500 million from associate Seref Yazici.
4. Why is this significant for cryptocurrency?
It shows crypto companies like Tether collaborating with regulators to combat crime, potentially improving industry legitimacy.
5. What laws enabled the seizures?
Turkey's 11th judicial reform package allows prosecutors to seize assets directly in money laundering cases.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
