Tether, the world’s most widely traded stablecoin issuer, has frozen more than $500 million in digital assets.
The funds are linked to a large-scale illegal gambling and money laundering syndicate in Turkey.
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Tether becomes one of the biggest crackdowns on cryptocurrencies
The freeze targets assets allegedly owned by Veycel Şahin, who Turkish prosecutors accuse of organizing a sprawling illegal gambling network.
Notably, this move marks one of the largest single asset seizures in the crypto sector to date.
Tether CEO Paolo Ardoino acknowledged the company’s role in the crackdown and highlighted the company’s increased cooperation with international law enforcement agencies.
“Law enforcement came to us, provided us with information, and we investigated that information and acted with respect for the laws of the land. And that’s what we do anyway, when we work with the Department of Justice, when we work with the FBI,” he reportedly said.
Meanwhile, the enforcement action marks a significant turning point for the company, which is incorporated in the British Virgin Islands. Once criticized by regulators for its lack of transparency, Tether has re-established itself as a proactive partner of the world’s law enforcement agencies.
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Earlier this year, the company froze over $180 million worth of USDT tokens. In total, Tether has frozen more than $3 billion in assets since its inception.
With over $187 billion in circulating supply, Tether’s USDT token serves as a major source of liquidity for the global cryptocurrency market. BeInCrypto previously reported that the asset serves more than 534 million users worldwide.
Its widespread use allows traders to quickly move funds between exchanges without relying on traditional banking rails.
However, the speed and scale of recent interventions has shattered the “censorship-resistant” reputation that once defined the digital asset sector.
Beyond execution, Tether has been actively diversifying its USDT reserves over the past year.
The company recently announced a $150 million investment in Gold.com and a $100 million strategic investment in Anchorage Digital, America’s first federally regulated digital asset bank.
Meanwhile, these investments come after a record fiscal year for the stablecoin giant.
Buoyed by $10 billion in profits in 2025, Tether has expanded its reach beyond stablecoins. The company is currently deploying capital across a diverse portfolio of internal initiatives, from sports to Bitcoin mining, decentralized communications and artificial intelligence.
