Turkey Seizes Nearly $1 Billion From Global Crypto Exchanges

As part of an ongoing illegal betting and money laundering investigation in Turkey, authorities have taken major action targeting high-value crypto assets held on global cryptocurrency exchanges. Crypto accounts linked to individuals identified as V.S. and S.Y. were frozen following court-approved seizure orders. When calculated across different currencies, the total value of the seized crypto assets is reported to be close to $1 billion, marking one of the largest such cases in Turkey to date.

Scope Of The Illegal Betting And Money Laundering Investigation

The investigation focuses on allegations that revenues generated from illegal betting activities were laundered through cryptocurrency transactions. Coordinated by the Istanbul Chief Public Prosecutor’s Office, the case involves extensive financial and technical analyses aimed at identifying proceeds of crime and preventing asset dissipation.

According to prosecutors, crypto transactions linked to the suspects were traced to accounts held on global cryptocurrency platforms. Based on these findings, seizure and freezing orders were issued by criminal courts to block access to the identified assets.

Authorities emphasized that the measures are not limited to crypto assets alone. Bank accounts, financial instruments, company shares, and other forms of movable and immovable property connected to the suspects were also included within the scope of precautionary measures. The investigation continues on multiple fronts.

€460 Million In Crypto Assets: The V.S. Case

One of the most significant elements of the investigation involves crypto assets worth approximately €460 million linked to V.S. Financial examinations revealed that these assets were held across multiple digital wallets and exchange accounts operated through global cryptocurrency platforms.

Following coordination with international crypto companies, the relevant accounts were frozen to prevent transfers or liquidation. Authorities stated that the freezing decision was implemented swiftly due to the high mobility of crypto assets and the risk of rapid fund movement.

In addition to freezing the accounts, legal procedures related to the repatriation of the crypto assets to Turkey are ongoing. Officials noted that the process is being conducted in line with international cooperation mechanisms and judicial procedures.

$500 Million Crypto Account: The S.Y. Case

Another major file within the investigation concerns crypto assets valued at $500 million, linked to S.Y. According to case documents, the account was actively used on global crypto exchanges and showed high-volume transaction activity.

Investigators allege that S.Y. provided operational and technical support for illegal betting networks, with proceeds allegedly circulated through cryptocurrency transactions. Based on these findings, seizure and account-freezing orders were issued to block access to the crypto assets.

All transactions linked to the account were halted, and the assets were secured pending further legal review. Authorities stated that financial and technical analyses related to this file are ongoing.

Which Assets Are Covered By The Seizure Orders

Officials confirmed that the seizure decisions extend beyond cryptocurrency accounts. The measures cover a broad range of assets believed to be connected to criminal proceeds, including bank deposits, investment accounts, company ownership stakes, and real estate.

Crypto assets held on domestic and international exchanges were prioritized due to their liquidity and ease of transfer. Authorities stated that the primary objective of the seizure orders is to prevent the movement or concealment of assets potentially derived from criminal activity.

The scope of the seized assets may expand as the investigation progresses and additional findings emerge.

Why Were The Crypto Assets Held On Exchange Accounts

A key question raised during the investigation is why such large amounts of crypto assets were held on exchange accounts, despite the legal challenges associated with foreign jurisdictions, Turkish authorities successfully collaborated with global platforms to implement these orders.

According to official assessments, all seized crypto assets were located in corporate or company-linked exchange accounts, rather than personal wallets. These accounts were reportedly used for high-volume transactions and operational purposes related to illegal betting activities.

Investigators noted that the seizure orders apply specifically to assets held on exchange platforms. Assessments within the case files indicate that personal crypto holdings were not part of the seized amounts and were kept outside exchange accounts. As a result, the frozen assets represent only the funds identified within corporate exchange structures.

How The Crypto Asset Repatriation Process Works

Following the freezing of crypto accounts on global exchanges, the process shifts to legal and administrative procedures governing asset repatriation. Transfers and withdrawals remain blocked while the assets are formally linked to the investigation files.

Through official correspondence with international crypto companies, frozen assets are documented, secured, and prepared for transfer in accordance with applicable legal frameworks. Financial tracing and source analysis continue throughout this stage.

Authorities stated that the repatriation process is carried out strictly within judicial procedures and international cooperation mechanisms. The investigation into illegal betting and money laundering allegations remains ongoing, with financial reviews continuing in parallel.