Two individuals targeted
Turkey has made a major move against cybercrime by freezing $1bn in cryptocurrency tied to two key suspects involved in a gambling and money laundering operation.
assets worth over $500m linked to Veysel Sahin
Istanbul’s Chief Public Prosecutor disclosed that on January 30, the Turkish government requested a freeze on more than $500m in assets related to Veysel Sahin.
Following this action against Sahin, who faces charges of running an illegal gambling site and money laundering, it was reported in Turkish media that another $500m in crypto was seized from another suspect accused of similar offenses.
Authorities identified “financial footprints” of illegal funds by tracking digital money flows and analyzing crypto assets, according to a Turkish official who spoke anonymously.
Platform’s rise to recognition
As per Tech Flow, Tether Holdings SA, the crypto company that facilitated the freeze for Turkish authorities, has been actively assisting governments globally in combating various digital currency-related crimes, such as drug trafficking and sanctions evasion.
Tether, a blockchain-enabled platform, issues the USDT stablecoin. In a recent Bloomberg News interview, its CEO Paolo Ardoino mentioned that the firm verifies information provided by law enforcement before acting in compliance with the respective country’s laws.
Ardoino noted that Tether follows similar procedures when partnering with US entities like the Department of Justice and the FBI.
Tether’s cooperation has caught the attention of tech media, highlighting the crypto firm’s increased collaboration with global law enforcement bodies.
Favored by offenders
A recent report from analytics firm Elliptic indicated that as of December 2025, Tether and competitor Circle Internet Group, dealing in USDC, had blacklisted approximately 5,700 wallets holding nearly $2.5bn.
At the time of the Turkish freeze, reports stated that USDT was held in three-quarters of these suspicious wallets.
Last week, a report from New York-based blockchain analysis company Chainalysis revealed that global illicit cryptocurrency transactions reached $82bn in 2025.
Andrew Fierman, Chainalysis Head of National Security Intelligence, stated that many criminals favor stablecoins like Tether’s USDT and Circle’s USDC.
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- Source: SCCGManagement.com
