Tether freezes more than $500 million in crypto assets at Türkiye’s request

By Bosphorus News Staff

Cryptocurrency firm Tether has frozen more than $544 million in USDT-denominated crypto assets following a request from Turkish authorities, according to multiple reports.

The action is part of a broader investigation by prosecutors in İstanbul into illegal online gambling and related financial networks. The frozen assets are linked to a suspected illicit betting operation allegedly run by Veysel Şahin, whom Turkish media identify as a central figure in the case.

The move forms part of a wider crackdown on unlawful betting and money laundering activities, which Turkish authorities say has led to the freezing of assets worth more than $1 billion across multiple investigations.

In remarks reported on February 7, 2026, Paolo Ardoino, Chief Executive Officer of Tether, said the company acts on formal requests from law-enforcement authorities and within applicable legal frameworks. He said: “Law enforcement approached us, provided certain information, we reviewed it and acted in accordance with the country’s laws. This is how we proceed when working with the U.S. Department of Justice, the FBI, and other authorities.”

Tether has previously stated that it cooperates with regulators and law-enforcement agencies globally by freezing wallets linked to alleged criminal activity when presented with official requests.

Turkish media reported that the latest asset freeze targets crypto wallets associated with illegal betting revenues and payment channels, marking one of the largest single crypto enforcement actions publicly linked to Türkiye to date.