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Tether, the issuer of the world’s most traded stablecoin, has frozen more than $500 million in digital assets.
The money is linked to a huge illegal gambling and money laundering ring in Türkiye.
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Tether represents one of the largest censorship campaigns in the cryptocurrency world
The freeze targets assets said to belong to Faisal Sahin, a person accused by Turkish prosecutors of masterminding a large-scale illegal betting network.
It should be noted that this move represents one of the largest single asset seizures in the cryptocurrency sector to date.
The CEO of Tether, Paolo Ardoino, confirmed the role of the company in the repression, emphasizing the growing cooperation of the company with international law enforcement.
“Law enforcement came to us, provided some information, we looked at the information and acted according to the laws of the land. That’s what we do when we work with the Department of Justice, when we work with the FBI, whatever else,” he said. as well as He said according to reports.
Meanwhile, the enforcement proceedings highlight a major change for the BVI-listed company. Tether was previously criticized by regulators for what it believed to be a lack of transparency, but has repositioned itself as a proactive partner to global police agencies.
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At the beginning of this year, The company has frozen more than $180 million of its USDT token. In total, Tether has now frozen over $3 billion in assets since its founding.
With a circulating supply exceeding $187 billion, Tether’s USDT token is the main source of liquidity In the global digital currency market. BeInCrypto previously reported this The asset serves more than 534 million users worldwide.
Its widespread use allows traders to quickly move funds between exchanges without relying on traditional bank rails.
However, the speed and scale of recent interventions have put to rest the “censorship-resistant” reputation that previously defined the digital asset sector.
Beyond execution, Tether has greatly diversified its USDT reserves over the past year.
The company recently announced a $150 million investment in Gold.com, and a strategic investment of $100 million Anchorage Digital, America’s first federally regulated digital asset bank.
Meanwhile, these investments come after a record financial year for the stablecoin company.
Backed by $10 billion in profits by 2025, Tether has expanded its reach beyond stablecoins. The company is now distributing capital A variety of internal initiatives, starting with sports To Bitcoin mining, decentralized communications and artificial intelligence.
