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Turkish authorities seized €460 million in cryptocurrency on Thursday as part of a money laundering investigation into an illegal betting network, according to prosecutors in Istanbul.
The Küçükçekmece Chief Public Prosecutor’s Office ordered the asset freeze to prevent criminal proceeds from being concealed through digital currencies.
The latest Money Laundering investigation centers on claims that large volumes of illicit betting proceeds were routed through cryptocurrency platforms to obscure their origin.
According to local media reports, the probe was initiated after a confidential witness provided statements and authorities received multiple tips alleging financial crimes connected to media outlet Ekol TV.
Prosecutors moved swiftly, ordering the ex officio seizure of assets believed to have been obtained through criminal activity. These measures were designed to prevent what invesutigators described as the continued laundering of funds derived from illegal betting operations.
Local media referred to the case as part of a broader effort to dismantle “illegal betting” networks — Local media reports. The seizure included digital assets held on international cryptocurrency exchanges, highlighting the growing role of crypto in complex Money Laundering schemes.
At the center of the Money Laundering probe is Veysel Şahin, a figure widely described in Turkish media as an “illegal betting baron” — Local media description. Şahin, who had been imprisoned until 2023, is alleged to have fled abroad after his release and to have overseen an illegal betting network valued at billions of euros.
Authorities believe the network relied heavily on financial structures designed to evade detection, including bank accounts, corporate holdings, and cryptocurrency wallets. As part of the investigation, prosecutors ordered the confiscation of Şahin’s movable and immovable assets, company shares, partnership stakes, and funds held in banks and other financial institutions.
Crypto assets alone accounted for €460 million, frozen by the global company where the accounts were held. Investigators say such measures are critical in disrupting Money Laundering channels that increasingly depend on digital assets for speed and anonymity.
Şahin first entered the public spotlight in 2017, when Turkish security forces carried out an operation codenamed “Handicap” against his network Turkish security sources cited by media. During that operation, he was apprehended while returning to Türkiye on a private jet to seek medical treatment for his father and was subsequently arrested by court order.
Although he was later released, authorities allege that the underlying financial network continued to operate, prompting renewed scrutiny and the current Money Laundering investigation. Prosecutors argue that freezing assets at this scale is necessary to prevent suspects from dissipating funds before legal proceedings conclude.
Media reports indicate that extradition proceedings to return Şahin to Türkiye are now underway. Officials believe bringing the suspect back into the country is essential to fully prosecute the alleged crimes and to establish accountability for the suspected Money Laundering activities linked to illegal betting revenues.
The €460 million seizure underscores how Money Laundering enforcement in Türkiye is increasingly intersecting with the cryptocurrency sector. Authorities view digital assets as both a tool for innovation and a potential vehicle for concealing illicit proceeds, particularly in transnational betting and gambling schemes.
For now, the case stands as one of the largest crypto confiscations in Türkiye, highlighting the scale of alleged Money Laundering tied to illegal betting operations and the expanding role of digital assets in modern financial crime.
