Tether has frozen more than half a billion dollars in cryptocurrency at the request of Turkish authorities, blocking funds tied to an alleged illegal online betting and money-laundering operation.
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.
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.
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