The **illegal betting network** saw its assets frozen as Tether assisted Turkey in seizing $544 million in cryptocurrency linked to its operations. Last week, prosecutors in Istanbul announced the seizure of approximately €460 million ($544 million) in assets belonging to Veysel Sahin, accused of operating unlawful betting platforms and laundering proceeds. Officials initially declined to identify the crypto firm involved, but the company was Tether Holdings SA, the issuer of the $185 billion USDt stablecoin, CEO Paolo Ardoino told Bloomberg.
“Law enforcement came to us, they provided some information, we looked at the information and we acted in respect of the laws of the country,” Ardoino reportedly said. “And that’s what we do when we work with the DOJ, when we work with the FBI, you name it,” he added.
The action came as part of a broader investigation targeting underground gambling and payment networks in the country. Turkey has already seized more than $1 billion in assets through related probes, according to Bloomberg.
“Tether claims it has helped law enforcement in over 1,800 cases across 62 countries, freezing $3.4 billion in USDT tied to suspected illicit activity.”
According to analytics firm Elliptic, stablecoin issuers, primarily Tether and Circle, had blacklisted about 5,700 wallets containing roughly $2.5 billion by late 2025. About three-quarters of those addresses held USDT at the time they were frozen.
Tether also told Bloomberg that it has assisted authorities in more than 1,800 investigations across 62 countries, resulting in $3.4 billion in frozen USDT connected to alleged criminal activity.
Despite the cooperation, USDt continues to attract scrutiny. US prosecutors last month charged a Venezuelan national with laundering $1 billion, largely using the token, while blockchain researchers have linked large USDt transactions to sanctions-evasion activity.
Last year, Bitrace also reported that $649 billion in stablecoins, or about 5.14% of total stablecoin transaction volume, flowed through high-risk blockchain addresses in 2024, with Tron-based USDt accounting for more than 70% of the activity. This highlights the ongoing concerns surrounding the use of crypto in facilitating **illegal betting network** activities.
Tether’s Role in Combating the Illegal Betting Network
Tether’s commitment to working with law enforcement agencies is evident in their actions against the **illegal betting network** in Turkey. By freezing the assets, they’ve disrupted a significant money-laundering operation. Tether’s USDT continues to play a vital role in the crypto market.
Stablecoins and Financial Crime
The case highlights the ongoing challenges of combating financial crime in the cryptocurrency space. While stablecoins offer numerous benefits, they can also be exploited by individuals and organizations involved in illicit activities. The seizure of assets from the **illegal betting network** is a major win for law enforcement.
USDT Market Cap Surges
As Cointelegraph reported, Tether’s USDt reached a record $187.3 billion market capitalization in the fourth quarter of 2025, growing by $12.4 billion despite a broader crypto downturn triggered by October’s liquidation cascade. While USDt expanded, rival stablecoins struggled, with Circle’s USDC ending the quarter largely flat and Ethena’s USDe losing about 57% of its value. The use of crypto for illicit activities, such as the **illegal betting network**, continues to be a concern for regulators and the industry. For related Crypto news, visit our crypto section.
The Future of Crypto Regulation
The ongoing debate about crypto regulation will undoubtedly be influenced by cases like the Turkish **illegal betting network**. As governments worldwide grapple with the challenges of regulating this burgeoning industry, the need for greater transparency and accountability becomes ever more apparent.
Source: Cointelegraph
