In one of the latest large-scale investigations into illegal betting, Turkish authorities have seized $500,000 worth of cryptocurrency. The seizure was also made possible by Tether, which targeted Şeref Yazıcı, an owner of the cryptocurrency. Darkex exchange.
According to BloombergTether had a direct partnership with Turkish law enforcement. The crypto stablecoin issuer has seized assets linked to illegal gambling, a partnership that is unusual between crypto companies and government officials.
Darkex owner faces asset seizure
Istanbul’s chief prosecutor ordered the seizure of Yazici’s entire wallet. Prosecutors attributed it to Veysel Sahin, who was an illegal gambling player. Yazici is said to have operated underground gambling rings and provided the technical side.
The analysis was conducted by the Financial Crimes Investigation Board, Turkey, and MASAK discovered signs of illegal gambling winnings. All movable and immovable property could be confiscated by a criminal court.
The court order included stocks, bank deposits and cryptocurrency holdings. International cryptocurrency companies had frozen the accounts they were in, and they are in the process of returning the money to Turkey.
Turkey intensifies the war against illegal gambling
Police are cracking down on online gambling financial networks in Turkey. In recent months, prosecutors have focused on payment platforms and cryptocurrency channels, and regulators have suspended the licenses of money laundering companies.
Since 1998, gambling restrictions in Turkey have been tightened. The same year, casinos were banned, while in 200.6 non-state online gambling was criminalized. The lottery services are only legal if they are run by the state.
Turkish authorities claim that illegal gambling is the cause of addiction. These activities drain billions of liras from the economy every year, and the crackdown is aimed at disrupting the payment system that finances underground gambling.
Yazıcı has become a leader in Turkey’s crypto industry in recent years. Darkex provided crypto transfer and crypto payment systems, entering the market as a major provider of the growing crypto market in the country.
The $500 million seizure marked one of the largest cryptocurrency seizures in Turkey. It shows that the government is increasingly able to trace digital assets, and the collaboration with Tether shows this crypto companies pay attention to judicial decisions.
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