Tether helps Turkey seize $544M in crypto tied to illegal betting network

The Turkish authorities have announced a massive cryptocurrency seizure, totaling $544 million, linked to an extensive illegal online betting and organized crime network operating within the country. This operation represents one of Turkey’s largest recorded crypto confiscations. The seizure was made possible through direct cooperation and swift action by Tether, the issuer of the USDT stablecoin.

The investigation, led by the Turkish National Police, successfully traced illicit funds generated by the illegal gambling ring to specific digital wallets primarily holding USDT. Upon receiving official requests and actionable intelligence regarding the criminal activity, Tether’s compliance and security teams acted quickly to freeze the relevant wallets. This immediate action prevented the further movement and dissipation of the $544 million in suspected assets.

This level of collaboration between a cryptocurrency issuer and a national law enforcement agency highlights the growing trend of stablecoin companies adhering to global regulatory standards and actively assisting in the combat against illicit financial activities. Authorities noted that the centralized capability of Tether to freeze tokens on various blockchains proved instrumental in securing the funds, which were otherwise hidden via complex layering and transfer techniques used by the organized crime network.

Source: Tether helps Turkey seize $544M in crypto tied to illegal betting network