Tether Freezes Over $500M Linked to Turkish Gambling Ring
Tether, issuer of the world’s most traded stablecoin USDT, has frozen in excess of $500 million in crypto assets linked to a Turkish gambling ring. The action targets addresses associated with the operation and is one of the largest single freezes attributed to the company; Tether has previously frozen funds flagged for illicit activity. The company has not publicly detailed whether law enforcement coordinated the freeze or the mechanism for future disposition of the assets.
The freeze underscores Tether’s increasingly prominent compliance posture and could affect how regulators and market participants view on‑chain policing of illicit finance. While USDT liquidity is unlikely to be materially disrupted, the incident raises practical questions for exchanges, custodians and counterparties about handling flagged funds tied to pseudonymous addresses. The development may prompt further scrutiny and investigations in Turkey and beyond.