Tether, the company that produces the most popular stablecoin in the world, has restricted access to assets worth more than $500 million.
These funds are related to a large-scale criminal syndicate. The Turkish authorities accuse the group of organizing illegal gambling and money laundering.
Large-scale operation and leadership position
The current block is directed against assets allegedly owned by Veysel Shahin. The Turkish Prosecutor’s office considers him the key organizer of an extensive network of illegal betting. This action has become one of the largest one-time withdrawals in the history of the cryptocurrency industry.
Tether CEO Paolo Ardoino confirmed the company’s participation in this operation. He emphasized that the company is strengthening cooperation with international law enforcement agencies.
“Law enforcement agencies contacted us and provided information. We examined the data and acted in strict accordance with the laws of the country. This is exactly what we do when working with the US Department of Justice, the FBI and other agencies,” Ardoino said.