"Tether cooperates with Turkey illegal gambling probe, freezes $544 million in crypto assets"

Stablecoin issuer Tether has been found to have cooperated with an investigation by freezing virtual assets (cryptocurrencies) linked to illegal online gambling and money laundering at the request of Turkish authorities.

According to crypto-focused media outlet Cointelegraph on the 7th, the Istanbul prosecutor’s office announced it had seized about 460 million euros ($544 million) worth of assets owned by Veysel Sahin, who is accused of operating an illegal gambling platform and laundering criminal proceeds. Authorities did not identify the crypto company involved in the initial statement, but it was confirmed that Tether cooperated in freezing the assets.

In a recent interview with Bloomberg, Tether CEO Paolo Ardoino said, "After reviewing the information provided by judicial authorities, we took action in compliance with that country’s laws," adding, "This is the same approach we use when working with the U.S. Department of Justice or the FBI."

The move was part of a broader investigation targeting underground gambling and informal payment networks in Turkey. Bloomberg reported that Turkish authorities have seized assets totaling more than $1 billion on a cumulative basis through the investigation.

Tether said it has been involved in more than 1,800 investigations across 62 countries to date through cooperation with authorities, and has frozen about $3.4 billion in virtual assets suspected of being linked to crime.