Tether Freezes $544M as Turkey Targets Illegal Betting

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Tether Freezes $544 Million as Turkey Targets Illegal Betting Network

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 09, 2026

Key Takeaways

Tether froze $544 million in crypto after a request from Turkey as part of a crackdown on illegal betting and money-laundering networks;
Tether reported support for over 1,800 investigations worldwide and $3.4 billion in USDT freezes tied to suspected criminal activity;
Stablecoin issuers blacklisted 5,700 wallets holding $2.5 billion, while new cases linked USDT to large laundering and sanctions-evasion schemes.

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Tether Freezes $544 Million as Turkey Targets Illegal Betting Network

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Tether froze about $544 million in cryptocurrency on February 7 after Turkish authorities asked for support.

Officials linked the assets to suspected illegal online betting and money-laundering activities tied to Veysel Sahin, who was accused of operating unlawful gambling platforms.

Chief executive Paolo Ardoino said Tether acted after reviewing information from law enforcement and confirming that the request met regulatory requirements, according to Bloomberg.

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He noted that this follows the same process used when working with agencies such as the US Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI).

The initiative is part of Turkey’s effort to curb underground gambling and unlicensed payment networks. Prosecutors said the country had already seized more than $1 billion in assets related to the same investigation.

Tether said it has assisted in more than 1,800 investigations across 62 countries by freezing around $3.4 billion in USDT USDT $0.9994 tied to suspected criminal activity.

In 2025, Elliptic reported that stablecoin issuers, mainly Tether and Circle, had blacklisted about 5,700 wallets holding roughly $2.5 billion in digital assets, with USDT accounting for around 75% of the frozen amounts.

Prosecutors recently charged a Venezuelan national with laundering $1 billion, mostly through USDT. Researchers have also identified large USDT flows connected to sanctions-evasion networks.

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