Tether has frozen more than $544 million in cryptocurrency at the request of Turkish authorities, blocking funds connected to an alleged illegal online betting and money‑laundering network.
Last week, prosecutors in Istanbul announced the seizure of roughly €460 million ($544 million) in assets linked to Veysel Sahin, who is accused of running unlawful betting platforms and laundering their proceeds. Officials initially did not identify the crypto firm involved; Tether Holdings SA — issuer of the USDT stablecoin — was later confirmed by CEO Paolo Ardoino in remarks to Bloomberg. Ardoino said law enforcement approached the company, provided information, and Tether acted in accordance with the country’s laws, adding that the company follows the same process when cooperating with agencies like the DOJ and FBI.
The freeze is part of a wider probe into underground gambling and payment networks in Turkey. Bloomberg reported that related investigations have led Turkish authorities to seize more than $1 billion in assets.
Tether, Circle blacklist 5,700 wallets
Analytics firm Elliptic says stablecoin issuers, mainly Tether and Circle, had blacklisted about 5,700 wallets holding roughly $2.5 billion by late 2025. Around three‑quarters of those addresses contained USDT when frozen. Tether told Bloomberg it has assisted law enforcement in over 1,800 investigations across 62 countries, which the company says has resulted in $3.4 billion in frozen USDT tied to alleged criminal activity.
Despite these compliance actions, USDT remains under scrutiny. U.S. prosecutors recently charged a Venezuelan national with laundering about $1 billion largely using USDT, and blockchain researchers have traced large USDT flows to possible sanctions‑evasion activity. Forensic analyses, such as those produced by Elliptic, map how laundered crypto moves from suspects through exchanges and other services.
Last year, blockchain analytics firm Bitrace reported that $649 billion in stablecoins — about 5.14% of total stablecoin transaction volume in 2024 — passed through high‑risk addresses, with Tron‑based USDT accounting for more than 70% of that activity.
Tether’s USDT hits $187B market cap
Cointelegraph reported that Tether’s USDT reached a record market capitalization of $187.3 billion in Q4 2025, expanding by $12.4 billion despite a broader market downturn tied to an October liquidation cascade. Competing stablecoins fared worse: Circle’s USDC was largely flat for the quarter, and Ethena’s USDe lost around 57% of its value.
Network usage also climbed. Monthly active USDT wallets rose to 24.8 million — about 70% of all stablecoin‑holding addresses — while quarterly transfer volume hit $4.4 trillion across 2.2 billion transactions, setting new on‑chain records.
Cointelegraph is committed to independent, transparent journalism. This article was produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate, timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy
