Original Title: Crypto Giant Tether Aided Turkey in Billion Dollar Crackdown
Original Authors: Ryan Weeks, Todd Gillespie, Taylan Bilgic, Bloomberg
Original Translation: Luffy, Foresight News
On January 30, Turkish authorities announced the freezing of assets worth over $500 million under Veysel Sahin, who is accused of operating an illegal gambling platform and suspected of money laundering. The Istanbul Chief Prosecutor revealed that an unnamed cryptocurrency company executed the freeze operation at the request of the Turkish government.
This company is Tether Holdings SA, which issues the stablecoin USDT with a market value of $185 billion. Recently, the company has actively assisted multiple governments worldwide in cracking down on all kinds of cryptocurrency-related criminal activities, including money laundering, drug trafficking, and evasion of sanctions.
Tether's CEO Paolo Ardoino stated in a recent interview with Bloomberg News: "Law enforcement agencies reach out to us with relevant information, we verify the information, and take action according to the laws of the country. We follow this process when collaborating with agencies such as the U.S. Department of Justice and the FBI."
Tether did not comment further on the case. Bloomberg attempted to contact Sahin but was unsuccessful. A Turkish official also refused to disclose the name of the company mentioned in the prosecutor's statement.
The €460 million (approximately $544 million) in frozen assets is part of a large-scale law enforcement action in Turkey, where the total amount of frozen related assets has exceeded $1 billion. According to Turkish TV station NTV, a few days after the announcement of Sahin's asset freeze, another individual was investigated for suspected money laundering and illegal gambling, with $500 million worth of cryptocurrency also frozen, but it is currently unclear whether this asset freeze involves tokens issued by Tether.
A Turkish official, speaking on condition of anonymity due to the sensitivity of legal matters, revealed that authorities discovered the "financial traces" of these suspected illegal incomes by tracking the flow of funds and analyzing cryptocurrency assets, indicating that similar asset freeze actions against individuals involved in illegal gambling and payment systems will be implemented in the future.
For Tether, this freeze action is just one of its increasing number of asset freezing operations, highlighting that this cryptocurrency giant is intensifying its collaboration with global law enforcement agencies.
A report released by analysis firm Elliptic in January indicated that by the end of 2025, Tether and its competitor Circle Internet Group Inc. had blacklisted approximately 5,700 wallets, involving assets worth about $2.5 billion, a number that was negligible two years ago. At the time of the freeze, three-quarters of the wallets were holding USDT.
Arda Akartuna, head of cryptocurrency threat intelligence for the Asia-Pacific region at Elliptic, said: "As the legitimate use of cryptocurrency and global payment integration accelerates, illegal usage has also increased, prompting stablecoin issuers to intervene more actively."
Tether often promotes its efforts to combat criminal activities, including in communications aimed at attracting potential investors, with the company seeking to secure funding at a valuation of up to $500 billion. According to its official website, Tether has assisted law enforcement agencies in handling over 1,800 cases in 62 countries, freezing USDT valued at $3.4 billion linked to suspected illegal activities.
Nathan McCauley, co-founder and CEO of Tether partner Anchorage Digital Bank, stated in an interview: "They (Tether) have an extremely proactive attitude in collaboration, and among stablecoin issuers, the company has a 'recognized best reputation' with law enforcement agencies."
Anchorage is the issuer of Tether’s compliant USD stablecoin USAT, which launched in late January, marking Tether's return to the U.S. market.
This represents a significant turnaround compared to a few years ago when Tether had a tense relationship with U.S. regulators. After conflicts with regulators in 2018, Tether effectively withdrew from the U.S. market and settled for $41 million in 2021 regarding allegations of misleading reserves.
However, the Trump administration welcomed the cryptocurrency industry. Last year, Ardoino attended the signing ceremony of the stablecoin regulatory bill with several other executives alongside President Trump.
Nevertheless, Tether's USDT continues to face scrutiny from regulators due to its widespread use by criminals.
On January 9, the office of the U.S. Attorney for the Eastern District of Virginia announced charges against a Venezuelan citizen for using USDT to launder $1 billion. A recent report by Elliptic revealed that the Central Bank of Iran had purchased over $500 million in USDT to alleviate the currency crisis and evade U.S. sanctions.
Fugitive Sahin is accused of leading an organization that launders money for illegal online gambling platforms. According to local media reports, Sahin was sentenced to ten years in prison in 2017, released in 2023, and was sentenced to 21 years in prison again a month later. His whereabouts are currently unknown, but Turkey's state news agency Anadolu reported on January 30 that "relevant authorities are advancing the legal process to extradite him back to Turkey."
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