Tether Assists Turkey in Seizing $544 Million Linked to Illegal Betting
- Tether has frozen over $544 million in cryptocurrency at the request of Turkish authorities.
- The assets belong to Veysel Sahin, accused of operating illegal betting platforms and laundering funds.
- Tether’s CEO stated the company has assisted in over 1,800 investigations across 62 countries, resulting in $3.4 billion in frozen USDT linked to criminal activity.
- As of late last year, Tether and Circle had blacklisted approximately 5,700 wallets containing around $2.5 billion.
- Despite scrutiny, Tether’s USDT reached a market cap of $187.3 billion by Q4, with monthly active wallets hitting nearly 25 million.
The seizure is part of a broader investigation into illegal gambling networks in Turkey, which has already led to over $1 billion in asset seizures related to these activities.
Tether’s actions highlight its role in law enforcement cooperation, with significant amounts like the recent $544 million freeze illustrating ongoing challenges within the cryptocurrency ecosystem. (Source)
